What people are saying about PRBC
National Association of Mortgage Brokers"The National Credit Reporting Association and PRBC are taking huge steps within the credit reporting industry to offer significant benefits to millions of consumers. The National Association of Mortgage Brokers strongly supports this exciting new partnership because it will provide a great way for consumers to build their credit history and credit score by including recurring bill payment information and payday advance repayments, which is a solution that has never been offered before. This agreement should help people have an equal opportunity to prove their creditworthiness and ease the way toward a more secure financial future. As the voice of mortgage brokers in all 50 states, NAMB commends any steps taken to help people realize their dreams of homeownership and financial security."
-Michael Nizankiewicz, Executive Vice President
Montgomery County, Maryland Council
"I strongly support the partnership between PRBC and the National Credit Reporting Association to enable millions of hard-working people to demonstrate their creditworthiness. This partnership is based on the simple proposition that information is power. This program will enable potential homeowners to provide critical information to potential lenders about their housing rental payment history, utility bill payment history, and other critical bill payment history.
Currently, millions of creditworthy borrowers are left out of the traditional credit mainstream in the United States, even though they are making rental payments and other bill payments in a timely manner. This partnership will provide an equal opportunity to help them build their credit scores with rental and other recurring payments.
This partnership is a progressive step forward in addressing the social and racial disparities associated with access to credit. Indeed, access to credit is one of the greatest civil rights challenges of the new millennium. Pursuing the American dream of homeownership is tough enough under the best of circumstances. For millions of racial and ethnic minorities, this dream is even more elusive because they are left out of the credit mainstream. This partnership will enable all creditworthy people to demonstrate that they are ready, willing, and able to realize the American dream."
-The Honorable Thomas E. Perez, Council President
Center for Financial Services Innovation
"The partnership between PRBC and NCRA is a major step toward making credit scores-and thus the credit that flows from them-more accurate for millions of Americans. This partnership enables those who pay their rent and utility bills on time, and meet their obligations to creditors who don't themselves report to the major credit bureaus to get the credit scores they are due. And that, in turn, will enable them to get high quality credit that enables them to build assets. Americans who pay their bills and meet their obligations deserve to be able to build assets on the best possible terms. The partnership between PRBC and NCRA is a development we at CFSI applaud."
-Ellen Seidman, General Manager
The Ford Foundation
"...we think that the... Pay Rent, Build Credit partnership your team proposes makes good sense, and has great potential to move 'unbanked' apartment renters to a banked status, and onto the path of building wealth and expanding housing choice. In this connection, the Ford Foundation would be pleased to host the formation of a national advisory board to help guide... (the) Pay Rent, Build Credit project in the early stages, monitor performance, and help to create public awareness."
-George W. McCarthy, Ph.D., Program Officer, Economic Development and Financial Security
Progressive Policy Institute
"Developing alternative measures of creditworthiness can... open up access to credit for those worthy borrowers now being bypassed for loans. One such overlooked measure, for example, is rental history. Further refinements in the data analyzed by automated loan programs, such as the addition of information collected under efforts such as Pay Rent, Build Credit (formerly the National Housing Credit Repository), should be relatively easy to integrate into existing systems. Moreover, the effect of such additional information would not only level the playing field for low-income and minority borrowers, but broaden it. ...proposals such as Pay Rent, Build Credit can lead the way in helping lenders give deserving borrowers the credit that is their due."
-Anne Kim, Director, Work, Family & Community Project.
Federal Reserve Board of Governors
"It is our opinion that ...since the institution is utilizing its technical expertise to benefit low-or moderate- income individuals and their potential housing credit needs... they will receive favorable CRA consideration as a community development service."
-Glenn Loney, Assoc. Director, Division of Consumer and Community Affairs
Greater Miami Neighborhoods
"There is a clear link between the concept of Pay Rent, Build Credit and GMN's view of its affordable rental developments as incubators for future homeowners. The lack of a credit history, not just a good credit history, is often one of the major barriers to homeownership by lower income families. Using a person's history of rent payments as a means of building a credit history will assist families in achieving homeownership."
-Agustin Dominguez, President
The Enterprise Foundation
"The Pay Rent, Build Credit (formerly the National Housing Credit Repository) Model represents a way for anyone who makes a regular housing payment (apartment lease, Section 8, mortgage, sub-prime, mobile home loan/pad rent, etc.) to build a favorable credit file by paying on time. And the Pay Rent, Build Credit Model provides a way for apartment owners to cut operating costs, delinquencies, and collection loss. I believe this important initiative deserves a critical look and guidance at this early stage of development."
-F. Barton Harvey III, Chairman of the Board and CEO
Neighborhood Housing Services
"... Neighborhood Housing Services of New York City (NHS) support[s]... the Pay Rent, Build Credit Community Development Model. ...NHS is a not for profit citywide organization working to increase and protect investment in underserved neighborhoods and to create, preserve and promote affordable housing in New York City neighborhoods. ...One of the problems that NHS encounters when counseling first time homebuyers is that their credit is often impaired. NHS believes that Apartment Renters who enroll in and understand the concept of Pay Rent, Build Credit will be more conscious of their credit scoring and thus become more viable candidates for homeownership."
-Kenneth P. Davis, Program Director, Foreclosure Prevention/Predatory Lending
State of New York Banking Department
"...one of the most significant obstacles that financial institutions face in offering the Pay Rent, Build Credit service is the requirement to coordinate the efforts of multiple lines of business including: mortgage lending (data subscriber); consumer lending (data subscriber); community development (financial education); personal banking (insured account and payment solutions...data provider); lock box and treasury management (...landlord...business financial services...data provider). Accordingly, given the uniqueness of this service and the complexity of its implementation, an institution that becomes actively involved in this undertaking in its early stages will likely receive consideration for an innovative and responsive community development service."
-Edward B. Kramer, Deputy Superintendent of Banks - Consumer Services Division
