PRBC Receives U.S. Patent For Bill Payment Reporting, Scoring
Pay Rent, Build Credit, Inc. has announced that "the United States Patent and Trademark Office has granted Patent Number 7,139,734 for the company's technology and method for collecting data on commonly recurring bill payments made by individuals and small businesses, and incorporating them in a credit file, credit report, and credit score. Examples of common monthly payments that go largely unreported to traditional credit bureaus include rent, private mortgages, non-prime auto loans, utilities, phone, cable, insurance premiums, pay day advances, and rental furniture and appliances."
According to Michael Nathans, PRBC Chairman and Founder, "The patent recognizes PRBC's technology and method as a credit bureau, for collecting bill payment data from financial institutions that consumers and small businesses use to pay their bills each month, and for storing and scoring that data to produce a report indicating the payer's creditworthiness, specifically their willingness and ability to make timely payments. The patent validates PRBC's market leadership in the alternative credit data space and our business model; credit-seeking consumers and small businesses, as well as the financial institutions and insurers that serve them, will benefit.""By using positive payment information about recurring bills as proof of creditworthiness, PRBC's service can add value to the bill payment services offered by financial institutions," said Corey Stone, PRBC's CEO. "It gives banks and credit unions a new way to help their customers build credit and secure their financial futures, while supporting higher depositor retention and cross-selling with the institution's credit and insurance products," said Stone.
"Reporting rental and other recurring bill payments to PRBC is a community development service for banks under the Community Reinvestment Act," added Nathans. "And PRBC protects financial institutions' customer relationships by not selling mailing lists."
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