On June 15, 2006, one of the three major credit bureaus, TransUnion, introduced on a new database that will collect information on the renter’s payment history and will help apartment complex management and landlords, screen potential renters.
This patent-pending database known as RentBridge will provide property management with a direct feed to their property management software systems, where management report rental payment history directly to TransUnion.
Group vice president of TransUnion’s Rental Screening Services division, Michael Britti says RentBridge will revolutionize the use of payment history in the rental industry. With RentBridge, we are able to greatly enhance the decision making process and add vital content to the files of individuals with limited credit information.
Renters that have always paid their rent on time, have never seen the benefits of doing so. On the other side, the renters that are always late on payments or skip the payment all together, have not paid the consequences. RentBridge will help property managers identify applicants with excellent payment history and those with bad payment histories.
The RentBase database information will help people with “thin” credit files to build their file with rental payment history. This will give these people more opportunities to obtain credit and improve their credit report and score.
Pay Rent Build Credit.com
In addition to the above database, consumers can also register to demonstrate their credit worthiness using Pay Rent Build Credit (PRBC). PRBC is a consumer reporting agency that was establish to help individuals demonstrate their ability to responsibly pay their bills on time.
The information that is noted on this database, is information that the three major credit bureaus commonly do not report, such as, rent and utility bills. PRBC takes this information and not only compiles a report, but they also create a Bill Payment Score (BPS) that is used to supplement the three credit bureaus reports and scores when these are not available. Similar to the three credit bureaus reports, PRBC maintains history on file for seven years.
It is a legitimate and safe way for consumers to get acknowledgement for their bill payments. PRBC does not charge consumers to enroll or view their information at any time, nor does it sell consumer’s information to solicitors, telemarketers, research firms or direct mail firms.
If you currently do not have a credit score from the three major credit bureaus, this may be the help you were looking for. For more information or to register, visit http://www.prbc.com.
Copyright 2006 Debt Management Credit Counseling Corp.