Americans don't take advantage of all credit opportunities

When a consumer credit score becomes damaged, it can take years to rebuild. There are many reasons why this happens, including defaulting on a loan or spending so much on credit cards that payments and interest can't be met. When it's too late and it's time to rebuild, most people simply go without lines of credit until enough time has passed that the slate is wiped partially clean.

American Banker indicated that many individuals don't take advantage of all their options at this time, often choosing to bear down and get through the troubles without extra funding. However, the source said that relying on alternative credit data could be of great help in these situations.

Those with utilities or rent bills in their name can seek out a Payment Reporting Builds Credit (PRBC) score, which can be used to show a history of steady, on-time payments and build the credit history back up.

According to American Banker, utilities companies used to only report to credit bureaus if payments were uneven or went into delinquency, but the recently proposed Fair Credit Reporting Act might change that in the future. For now, however, if individuals seek out the PRBC option, many companies and bureaus will respond positively and help consumers in need.