CompuCredit, PRBC Help Consumers Build Credit

"At a time when nearly one-half of Americans lack a 'prime' credit score, and credit scores are increasingly important, most traditional credit scores don't reflect on-time commonly recurring bill payments, like rent, insurance, phone bills or utility payments," said David Hanna, CEO of CompuCredit.

"While most credit scores recognize only consumers' negative information, this program uniquely recognizes consumers' positive payment history," continued Hanna. "And consumers can self-enroll to demonstrate their fiscal responsibility. Given that credit scores today are used to determine eligibility to purchase a home, buy insurance, open a checking account and even qualify for a job, a 'prime' credit score can open the door to the mainstream economy. We are excited that through this initiative our customers can build or enhance their credit histories and, working with PRBC, gain access to more traditional financial services."

PRBC reports customer loan payments and empowers consumers to self-report on-time payments on other recurring obligations such as rent, utilities, and phone bills that are not reported to other credit bureaus. PRBC produces a PRBC Report(SM) a Bill Payment Score(SM) (BPS(SM)), an easy-to-understand bill payment history and numerical rating. The PRBC Report and BPS can be used either to supplement a traditional credit report and score to gain a more complete and accurate risk assessment of an applicant, or to assess applicants without a traditional credit report and score.

"Often, fiscally responsible consumers are unable to establish a credit history simply because their on-time bill payments aren't included in a traditional credit assessment," said Michael Nathans, Chairman and founder of PRBC. "We believe that consumers have a right to demonstrate that they pay their bills on time using a credit bureau, and that when they can do so, they become more motivated to establish a positive payment record."

"Demonstrating a payment history enables unbanked and financially underserved customers to access mainstream financial services," explained Corey Stone, CEO of PRBC. "PRBC is the first credit bureau to provide the opportunity for all fiscally responsible consumers to demonstrate that they pay their bills on time when users of traditional credit reports and scores assess their creditworthiness."