simplysilky Posted February 2, 2007 Report Share Posted February 2, 2007 I am lease-purchasing a home and was wondering if my monthly payments could be reported to the credit bureaus in order to bring my scores up a little before and until I actually buy the home in a year? Link to comment Share on other sites More sharing options...
lilcrazee8 Posted February 2, 2007 Report Share Posted February 2, 2007 Sure they can - if the person or company that you are making the payments to choose to do so. They will have to pay a fee in order to do this - and they aren't required to report at all. Link to comment Share on other sites More sharing options...
sr28b Posted February 2, 2007 Report Share Posted February 2, 2007 I am lease-purchasing a home and was wondering if my monthly payments could be reported to the credit bureaus in order to bring my scores up a little before and until I actually buy the home in a year?Yes, there is a credit bureau called Pay Rent, Build Credit, Inc (PRBC.com) that can track your rental history and will even produce a credit score called a Bill Payment Score (BPS). The company was founded in 2002 and since its services are cost free, I would highly recommend the use of such a service. In the mortgage industry, rent verifications may be added to a tri-merged credit report through what is called a ‘credit supplement’. A credit supplement can successfully include rent as a trade line on the report, but it does not impact the FICO score. The PRBC report is superior to a credit supplement, in that it actually generates a BPS score. There are an estimated 50 million consumers with a monthly housing payment (i.e. rent) that doesn’t report to the credit bureau, so we’ll have to watch how things develop for PRBC. At present, I doubt if any mortgage lenders rely solely on the BPS score for underwriting purposes.Keep in mind that the best way to document your rental history to a prospective mortgage underwriter is to present twelve months of cancelled checks from your personal bank account, which means avoid paying with cash or a money order. A further caveat - don’t let the landlord throw a wrench into your future homeownership plans by suggesting you forgo making a rent payment (or portion thereof) in lieu of trade for fixing a broken sink. Insist he get his own wrench and fix the sink himself. As for you, you’ll be making your full rent payment on time with a personal check. Link to comment Share on other sites More sharing options...
June Posted February 2, 2007 Report Share Posted February 2, 2007 PRBC Scores help,where 35% of the FICO Scores is based on Bill Payment History. PRBC = Pay Rent, Build Credit, (Payment Reporting Builds Credit). Quote:"Before ordering a PRBC Verification, you should have a minimum of four (4) verifiable payment accounts (i.e. rent, electric, phone, cable, etc.). For first time verifications, payment accounts should have a minimum of six (6) months of payments. However, twelve (12) months may be required to qualify for an FHA-insured loan. Twenty-four (24) to thirty-six (36) months may be required for other prime rate products. Continuing verifications should have accounts which have not been updated in the past 3 months."PRBC accepts and verifies current Bill Payments and Bill Payment History for most major Billers that you now pay:Rent (Lease Agreements), Private Mortgages, Cable, Satellite, Cellular, Phone, Utilities (Electric, Natural Gas, Heating Oil, Water, Sewer), Insurance Premiums, Day Care, Child Support Payments, Alimony Payments, Student Loans, Business Loans, Unsecured Loans, Secured Loans, Parking Garage, Self-storage, Auto Loans, Furniture Leases, Appliance Leases. Enrollment is Free. Verifications Costs: $20 for Rent, $15 for all others.Additional Information: Quote:"When applying for a mortgage, depending on the rest of your credit history, an electronic record of 12 or more consecutive on-time Payments that can be scored will help you qualify and/or obtain a lower interest rate. An electronic record of 36 consecutive on-time rent or mortgage payments generally helps the most."Quote:"Can PRBC help me Rebuild my Credit?Yes. Supplementing your existing credit bureau file(s), if you have one, with a positive PRBC Report and Bill Payment Score will provide a more complete and accurate picture of you as an applicant when you apply for housing, credit, insurance, and employment. Under Federal law, namely the Equal Credit Opportunity Act, whenever a credit report is used to assess your creditworthiness, accounts that are reflected in your PRBC file must be considered at your request if they are not already in your other credit report(s)."Take control of your financial future now!Visit www.PRBC.com for more information. Link to comment Share on other sites More sharing options...
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