Credit Help For Renters And Others By: James Dimmitt Sue is a homeowner and pays her mortgage and other bills on time like a good credit consumer. Sue’s on-time mortgage payments are reflected in her credit score profiled by the three major credit bureaus; Equifax, Experian and Trans Union. Joe on the other hand is a renter, who wants to buy his first home in the near future. He pays his rent on time every month as well as his phone and utility bills. Joe is also a good credit consumer but his on-time payments are not reflected in his credit profiles. Why? Because the major credit reporting agencies are not set up to track this type of payment and therefore they are not reflected in Joe’s credit score. Chances are good that Joe’s credit score will be lower than Sue’s because his on-time rent payments go untracked by the credit bureaus. As a result Joe will be quoted a higher interest rate and higher fees to his lender when he applies for his first home mortgage. Seems a bit unfair doesn’t it? The good news for Joe and other renters like him is that the credit reporting system is about to change. In a recent Chicago Tribune article, reporter Kenneth R. Harney points to the creation of a new national credit bureau whose “sole mission is to track the payments that nobody else tracks.” The new credit reporting agency PRBC (Pay Rent, Build Credit) wants to build credit files on as many as 10 million renters nationwide over the next 5 years. According to PRBC’s founder and chief executive Michael Nathans, the new bureau will earn revenue by selling supplemental credit reports to lenders. CitiMortgage, Inc., one of the nation’s major home lenders, is already a subscriber of the new service. Some other highlights of PRBC’s service include: - 24/7 access to online files by consumers, free of charge. - Consumers must give permission to have their files accessed by lenders. - Consumers can input up to 36 months of documented on-time payments. - They accept payment histories from phone, credit and debit cards so long as the source (merchant) can send a date-stamped electronic receipt of payment. - Many consumers who bank online can have their payment information recorded by PRBC once the bureau becomes fully functional PRBC can benefit not only renters but also young and minority borrowers who have little or no credit history with the traditional bureaus. “We think we can help create equal credit opportunities for everybody who deserves a a prime rate loan, “ Nathans said. Consumers can register for free with the new bureau online at http://www.payrentbuildcredit.com. About the Author: © 2005, http://www.yourfreecreditreportnow.com Author: James H. Dimmitt James is editor of “To Your Credit” a FREE weekly newsletter focusing on managing your personal finances and credit. Subscribe and get a FREE copy of your credit report when you visit: http://www.yourfreecreditreportnow.com

Inside Finance Debt Management Details   Debt management is subject for deal and some point. To reduce or eliminate debt and create a cash flow that keeps you out of debt is debt management. Most budgets are done on a monthly basis. Finding The Best   Finding the best mortgage refinance rate is easy one. You may have become used to the monthly house payment that you make. . These calculators have limits, but they give a vague idea of what your month to month will look like. Back your findings up with some substantial advice. Car Loan Guide And Auto Refinancing   Car loan guides and auto refinancing content here in this article. We advise you to fill in applications to find the best rate. Finally proceed with the best refinance rate. After this the customer does not need to deal with their previous finance company anymore. Living Trust Investing   The trust investing is a difficult one. After all, if the investments were sound during life, they should be sound enough upon his or her death. There are sections within the trust instrument that deal with income distributions, both during the grantor's lifetime and after his or her death. Saving Money On Wedding And Baby Shower Favors   Sometimes you will be able to save money by buying in bulk. You can sell the extras to other people. If you know other people that are having weddings or baby showers, then you can combine your orders and benefit from lower costs and possibly bulk purchase incentives like free shipping.