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<Steve>

Improving A T/Bs Credit

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http://prbc.com

 

Here is a link to "PRBC" Payment Reporting Builds Credit. It allows tenant/buyers to place their rent payment on a credit report along with other payments they make that are typically not placed on the big threes' credit reports.

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Interesting find. Thanks for sharing, Steve.

 

Thanks friend!!I've been looking all along for something like this.

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Contact the company directly. Seems to me that as long as you are a legit landlord you should qualify.

 

I got to tell some of my coworkers, this is awesome. (the ones who are interesting in buying I mean)

I already got word around I am an investor. Slowly but surely, que no?

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According to there FAQ page, they do not report to the "Big Three", so this will have no effect on ones credit score. This only is a supplement to a credit report. They will then refer you to one of their lenders to get you a loan. Sounds like an elaborate lead generator to me.

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If you use Clearnow (www.clearnow.com) for your electronic rent collection then they will automatically report your t/b rent payments to PRBC. By doing this you are killing two birds with one stone......easy rent collection and improving t/b credit.

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According to there FAQ page, they do not report to the "Big Three", so this will have no effect on ones credit score. This only is a supplement to a credit report. They will then refer you to one of their lenders to get you a loan. Sounds like an elaborate lead generator to me.
Not sure I caught all of that on the FAQs page, but I could have missed it too. I am not defending this company; however, if this company wants to keep credit records/payments of a tenant/buyer who voluntarily wants to use the service, and then after 6 to 12 months wants to finance my tenant/buyer who am I to complain.

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Steve,

 

The point I was trying to make is that this will have no impact on the tenant/buyers credit score. However, the fact that they have your tenant/buyers information, they will then refer them to their mortgage brokers to see if they can get them a "conventional" loan and earn some kind of compensation in the process. You can and should refer your tenant/buyers to one of the mortgage brokers you associate with to stay in control of the transaction in MHO.

 

TAT

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TAT-

 

Getting the tenant/buyer financing is not my business model, and is not part of my agreement with them. I do encourage that they search out a mortgage company early and will recommend names of mortgage companies I know of. The rest is up to them. I've had no control problems.

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TAT-

 

Getting the tenant/buyer financing is not my business model, and is not part of my agreement with them. I do encourage that they search out a mortgage company early and will recommend names of mortgage companies I know of. The rest is up to them. I've had no control problems.

 

 

Steve,

 

OK. Never the less, I'm sure you would not want them to have them get their hopes up with that program only to be disappointed.

 

On a side note, let me ask you something about your business model (which I presume is much like others here)...to what degree do you pre-qualify the potential tenant/buyers when assigning?

 

Thanks,

 

TAT

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