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FICO offers to report rent & utility payment history

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I just came across this article describing some new credit scoring products that will report payment histories beyond what the 3 major CRAs now report. FICO is offering what it calles a FICO Expansion Score Other companies will provide information on rent payment history, utilities payments and banking history are Anthem, PRBC, and eFunds. From my understanding, the PRBC score is consumer driven - that is, the consumer signs up for the service and pays all bills through them. Over time, steady, on-time bill payments establish a payment history used to calculate the score.

http://biz.yahoo.com/brn/051122/17594.html?.v=1

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This will only work if a lender pulls that particular product. I am betting they won't. The banks don't make money off people with high scores, so there is little incentive for them to use this model. IMO, this is just another way for the sub-prime industry to milk consumers.

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You don't pay bills though PRBC. You list your accounts and payments to set it up. PRBC verifies those with the creditors. I took several hours to gather and enter all my accounts and payments/due dates etc. for the past 2 years (all gas, electric, phone, cellphone, cable, self-storage etc.) only to find out that there's all this hullabaloo to go through afterwards, like sending documents etc., PLUS no one appears to even report to PRBC at present. Maybe one day this will take off, but creditors have to first agree to report.

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