Maxamum Inc., a company launched to help consumers with thin credit histories establish credit, plans to provide a new business model combining non-traditional bill reporting services with a points-driven rewards model.
The company bills itself as "positioned to set new standards in the alternative credit reporting industry" by rewarding consumers for positive behavior - basically meaning paying bills on time.
Through a monthly membership, Maxamum will report up to four monthly bills to PRBC (Payment Reporting Builds Credit), a national alternative credit bureau, then reward consumer-members for paying them on time. The monthly fee is reported as a recurring bill to PRBC. Fees for the program are listed below.
"The Maxamum business model represents a paradigm shift in the rewards industry," says Ben Duncan, president and co-founder at Maxamum. "Whereas traditional rewards programs are predicated upon consumer spending and increased debt, the Maxamum model rewards consumers for positive and necessary consumer behavior, such as paying your bills on time. The Maxamum model encourages constructive consumer action that leads to credit worthiness, extended financial resources and, ultimately, improved financial health."
Maxamum will offer members an incentive-driven program where accumulated points can be used toward purchasing merchandise or for rewards. Points also can be converted to cash value, which members can opt to use toward paying a bill.
To ensure accuracy in reporting, the Maxamum membership also includes a "Credification" service, which verifies the accuracy and authenticity of credit data and consumer information before being reported to PRBC.
“Maxamum promotes credit advocacy and consumer education,” says Terrell Smalls, CEO and co-founder at Maxamum. “The current economic climate has affected so many consumers and their credit health— it is clear that credit does not discriminate. Maxamum fills a void in the credit market by educating consumers on alternative options and creating a rewards-based platform that encourages them to exercise those options to the fullest.”
From the company's release:
As a part of its overarching mission, Maxamum seeks to educate its member base on the significance of alternative credit reporting, more specifically regarding the FICO Expansion Score. As the leading alternative credit scoring model, the FICO Expansion Score enables U.S. lenders to confidently assess the credit risk of nearly 50 million Americans who have little or no credit information on file with Equifax, Experian and TransUnion.
As a result, Maxamum targets these 50 million consumers with little to no credit history—such as immigrants, college students, housewives and divorcees. Maxamum also targets consumers with “thin” credit history, or those who lack enough substantial credit data for a lender to make a proper assessment. Additionally, Maxamum targets a third group of consumers with substandard credit, who are seeking alternative ways to add positive trade lines to their non-traditional credit report.
For more about the company, visit: www.maxamum.com.
*Silver Membership - $25 per month
Includes:
* Two monthly bills (one bill plus the Maxamum membership) reported by Maxamum Inc. to the PRBC credit bureau.
* Accumulate 150 points per reported bill per month to be used towards thousands of Maxamum’s quality merchandise rewards.
* MAXflex – Flexible plan that allows members to redeem points and put them toward the Maxamum monthly membership fee, upgrade your membership, or combine points with their own cash and purchase their rewards
* MAXpoint Conversion-Power allows a member in good standing to earn points that can be converted into cash value to pay toward a bill of their choice.
*Gold Membership - $49.95 per month
Includes:
* Three monthly bills (two bills plus the Maxamum membership) reported by Maxamum Inc. to the PRBC credit bureau.
* Accumulate 200 points per reported bill per month to be used towards thousands of Maxamum’s quality merchandise rewards.
* MAXflex – Flexible plan that allows members to redeem points and put them toward the Maxamum monthly membership fee, upgrade your membership, or combine points with their own cash and purchase their rewards.
* MAXpoint Conversion-Power allows a member in good standing to earn points that can be converted into cash value to pay toward a bill of their choice.
*Platinum Membership - $74.95 per month
Includes:
* Four monthly bills (three bills plus the Maxamum membership) reported by Maxamum Inc. to the PRBC credit bureau.
* Accumulate 250 points per reported bill per month to be used towards thousands of Maxamum’s quality merchandise rewards.
* MAXflex – Flexible plan that allows members to redeem points and put them toward the Maxamum monthly membership fee, upgrade your membership, or combine points with their own cash and purchase their rewards.
* MAXpoint Conversion-Power allows a member in good standing to earn points that can be converted into cash value to pay toward a bill of their choice.
