Easy to understand.
The PRBC Alternative Credit Score is similar to a traditional credit score. It uses the same numbering system, with roughly the same meaning as a traditional score. The range of possible scores extends from 100 to 850, although the key portion of that scale lies between 600 and 750. Any score over 750 will be considered extremely reliable, and any score under 600 is likely to be denied credit by an institution that requires a credit check. Most scores fall between 600 and 750. The higher the score, the more likely you are to be approved for a loan, and the lower your interest rate is likely to be for that loan.
Alternative Credit Scores capture the day to day reliability and financial habits of people. How someone handles their money in paying bills is considered a strong indication of how someone they will manage money loaned to them. The technology to monitor bill paying habits this didn't exist a few years ago but it does today. This is why alternative credit scores are finally becoming mainstream.
How is my PRBC Score calculated?
PRBC uses credit lines, or “accounts”, to calculate your score. The more accounts and information you provide, the more accurate your score. Accounts include things like banks accounts, credit cards, utility bills (heat, electricity, etc.) mobile phones, insurance policies, mortgages or leases in your name.
The score and report and monitoring are offered completely free to consumers. We earn a small fee from our business partners who pay to look at your report when you apply for a loan or credit.
Where can I use it?
According to the Equal Credit Opportunity Act, if you present a business with proof of alternative payment history, they must consider it when making a decision on whether to give you credit. You cannot legally be told, “Sorry, we only take ‘regular' credit scores”. It is, however, up to you to make your score reliable. The more accounts you register as part of your PRBC score, the more reliable your score will be. If you have more payment accounts verified with PRBC, businesses will get a better picture of your overall reliability when considering your score in their decision.
The PRBC Report is available for free and instantly right on your dashboard. You can get your PRBC Report as often as you want. Plus, unlike traditional reports that show only portions of all the data they have, a PRBC Report shows everything you’ve entered into the PRBC system.