ALTERNATIVE DATA REPOSITORY
Increase your potential lending base by up to 25%
It is more difficult than ever for historically underserved consumers with ‘thin files’ or no credit histories to qualify and receive competitive rates. Until now, many business have been forced to let potentially good customers go elsewhere for lack of a way to demonstrate traditional payment histories based on mortgages, auto loans and credit cards.
A major segment of the consumer market fifty million strong and including college students, senior citizens and new American citizens - remains at a disadvantage under the processes of the traditional reporting industry.
In response, PRBC (Payment Reporting Builds Credit), a pioneer in alternative payment reporting, and MicroBilt Corporation are teaming to create a new Alternative Data Repository. The Alternative Data Repository will assist thousands of “buy here, pay here” auto dealers, local furniture stores, jewelers, RV and boat rental businesses, landlords, community banks and credit unions do more and better business.
This new database will combine trade line data reported by smaller businesses and financial institutions that originate credit with bill payment data reported by bill payment processors, billers, and consumers. All data will be subject to a satisfactory independent verification. By combining these data points files can be built that generate FICO scores, enabling businesses to grant more credit with less risk.
Using consumer bill payment records and trade line data reported by smaller businesses to generate a FICO Expansion Score, MicroBilt and PRBC estimate smaller businesses, banks and credit unions can grow their overall addressable customer bases by as much as 25%.
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