Roughly 50 million people in this country have no credit at all. No credit cards, student loans, auto loans, or mortgages. It's hard to believe, but it's true. Does this mean they are not credit-worthy consumers? Well, since they don't have a credit report or a FICO score, the answer you would get from any lender is yes. However, the truth is many of these individuals may be more credit worthy than those who actually exist in the "credit system". PRBC, which stands for Pay Rent Build Credit, is a relatively new credit bureau that utilizes a non-traditional credit model to help consumers in this situation. For a fee of roughly $30, you can self-report and build your own credit by paying rent, utilities, phone bills, and other contractual agreements on time. PRBC then verifies the payments and builds your credit report accordingly. FairIsaac has even joined with PRBC to build a unique FICO score that lenders can use when assessing the risk of applicants who have no traditional credit history.
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