PRBC system technology and business processes are unique to the consumer data industry. Due to the proprietary nature of the PRBC systems, they are protected by two separate registered US Patents; No. 7,877,322 B2 and No. 7,139,734 B2, with several other patents pending. PRBC also possesses over a half-dozen US Trademarks and numerous domain names on its systems, processes, products, brands, names, marks and logos.
MicroBilt Corporation Receives U.S. Patent for PRBC© Bill Payment Reporting and Scoring.
KENNESAW, GA, April 8, 2011 — 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."
Laws and Notices
The Fair Credit Reporting Act (“FCRA”) became effective on April 25, 1971. The FCRA is a group of acts contained in the Federal Consumer Credit Protection act, such as the Truth in Lending Act and the Fair Debt Collection Practices Act.
Congress substantively amended the FCRA upon the passage of the Fair and Accurate Credit Transactions Act of 2003 (“FACT Act”). The FACT Act created many new responsibilities for consumer reporting agencies and users of consumer reports. It contained many new consumer disclosure requirements as well as provisions to address identity theft. In addition, it provided free annual consumer report rights for consumers and improved access to consumer report information to help increase the accuracy of data in the consumer reporting system.
The identity theft rights summary includes the identity theft rights granted to consumers by FACTA, including the right to place fraud alerts on their credit reports, to block businesses and credit bureaus from reporting information in their credit files that is a result of identity theft, and to obtain from businesses information about accounts or transactions in their name that result from identity theft. The identity theft rights summary will be provided by consumer reporting companies to consumers who contact the agencies because they believe they are victims of fraud or identity theft.
The general consumer rights summary includes, among other things, consumers' right to see their credit files and know when they have been used against them, to correct inaccuracies, and to opt-out of unsolicited offers. The summary also notes that, in addition to identity theft victims, active duty military personnel have additional rights under the FCRA and FACTA. This general summary of rights updates the current summary, which credit reporting companies provide to consumers with their credit reports. The furnisher and user notices explain to businesses their duties under the FCRA.
The FCRA contains significant responsibilities for business entities that are consumer reporting agencies and lesser responsibilities for those that are not. Generally, financial institutions are not consumer reporting agencies.
In addition to the requirements related to financial institutions acting as consumer reporting agencies, FCRA requirements also apply to financial institutions that operate in any of the following capacities:
- Procurers and users of information (for example, as credit grantors, purchasers of dealer paper, or when opening deposit accounts).
- Furnishers and transmitters of information (by reporting information to consumer reporting agencies, other third parties, or to affiliates).
- Marketers of credit or insurance products.
Financial institutions are subject to a number of different requirements under the FCRA. The statute contains some of the requirements, while others are in regulations issued jointly by the FFIEC agencies or in regulations issued by the Federal Reserve Board and/or the Federal Trade Commission.
The Dodd-Frank Act granted rulemaking authority under the FCRA (except for §615(e) (identity theft) and §628 (disposal)) to the Consumer Financial Protection Bureau (“CFPB”) and, with respect to entities under its jurisdiction, granted authority to the CFPB to supervise for and enforce compliance with the provisions of the FCRA and the implementing regulations.
The CFPB structured the examination procedures as a series of modules, grouping similar requirements together. The modules contain general information about each of the requirements:
- Module 1 Obtaining Consumer Reports.
- Module 2 Obtaining Information and Sharing Among Affiliates.
- Module 3 Disclosures to Consumers and Miscellaneous Requirements.
- Module 4 Financial Institutions as Furnishers of Information.
- Module 5 Consumer Alerts and Identity Theft Protections.
Information subject to change without notice.