MicroBilt Corporation, a leader in risk management information for small and medium-sized businesses and the provider of the PRBC® Report with FICO® Expansion Score, the industry lending alternative data report for non-traditional lenders
, announced today that the United States Patent and Trademark Office has granted Patent Number 7,877,322 B2 for the company's technology and method for collecting data on commonly recurring bill payments made by individuals and small businesses, and incorporating them in a credit file, credit report, and credit score. Examples of common monthly payments that go largely unreported to traditional credit bureaus
include rent, private mortgages, non-prime auto loans, utilities, phone, cable, insurance premiums, pay day advances, and rental furniture and appliances.
The PRBC Report
provides businesses with a comprehensive source of consumer information to make better credit decisions. This data includes traditional and bill payment trade lines, FICO® Expansion® Score
, employment information, bank account data, property records, public records data, including bankruptcies, suits, liens, judgments, evictions, repossessions and foreclosures and address and phone information. The FICO® Expansion® Score is calculated from a broad range of both positive and negative nontraditional credit data, such as checking account usage, cell and landline telephone, utility data, membership club obligations, judgments, liens, bankruptcy data and more.
"The new PRBC patent recognizes our unique method for processing payments, resolving disputes, and collecting credit payment history information," according to Walt Wojciechowski, CEO of MicroBilt, "Together with PRBC’s early patent (Number 7,139,734
) which recognizes PRBC technology and method as a credit bureau, for collecting bill payment data from financial institutions that consumers and small businesses use to pay their bills each month, and for storing and scoring that data to produce a report indicating the payer's creditworthiness, specifically their willingness and ability to make timely payments. The patent validates PRBC's market leadership in the alternative credit data space."
"Businesses today need every business opportunity and every advantage they can find. The PRBC Report with FICO® Expansion® Score gives businesses decision critical data and a FICO score they can rely on to deal with this very large population of our country where there has been too little information with which to make good credit or other business decisions," adds Wojciechowski. "Our PRBC Report provides unique insight into the credit-underserved consumer and together with the FICO Expansion Score, provides a highly reliable indicator of creditworthiness in the absence of a traditional credit history."
MicroBilt is the leader in serving small businesses with data and tools that they need to manage business risk, value private businesses, make informed lending and hiring decisions. MicroBilt offers the small business owner simple, cost-effective solutions for fraud prevention, consumer financing, debt collection, skip tracing and background screening. MicroBilt provides access to over 3 billion debit account records, nearly 30 billion pieces of demographic and public record data and over 100 million unique consumer records to prevent identity fraud, evaluate credit risk and retain customer relationships. With its PRBC® Consumer Report with the FICO® Expansion® Score and its unique, proprietary non-traditional lending data, MicroBilt is the leading provider of alternative credit data to businesses that want to offer credit and other financial services to the over 100 million underserved consumers in the United States.