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Press Release
Embargoed For Release at the Inman Real Estate Connect 2004 Press Conference
July 28, 2004
San Francisco, California ---Pay Rent, Build Credit, Inc. (PRBC), and Prudential Action Real Estate (Prudential Action) today announced their partnership to help qualify more consumers to purchase the home they want, at the mortgage interest rate they deserve. PRBC's web site enables consumers to enter their rent or mortgage and other bill payment history for the past 36 months, using a secure Internet connection for no charge. Consumers then bring documentation evidencing their entries to a certified PRBC Verification Partner such as Prudential Action. Using a secure Internet connection, PRBC Verifiers follow PRBC's Agreed Upon Procedures for Paper-based Verifications to finalize a consumer's data entry process. PRBC then builds a Bill Payment Payment
Scoresm ("BPSsm") based on a consumer's bill payment history that can be used to enhance their opportunity to be approved for a loan without the higher interest rate often charged to applicants who have little or no credit history.
Speaking at the Inman Real Estate Connect 2004 Press Conference, PRBC Chairman and CEO, Michael Nathans, and Glen Calderon of Prudential Action unveiled a co-branded marketing brochure that Prudential Action plans to distribute both in English and en Espaņol to potential homebuyers in the New York City neighborhoods it serves. "Our partnership with PRBC represents an innovative example of how real estate professionals can assist consumers to establish and build a credit history with rental payments, as homeowners do with mortgage payments, while building profitability and stronger
communities", observed Mr. Calderon.
"PRBC's partnership with Prudential Action represents a responsive and financially sound way for a national credit bureau to assist consumers to build asset-based wealth through homeownership, by working closely with real estate professionals in local communities." explained Mr. Nathans. "All real estate professionals whose license is in good standing are welcome to follow Prudential Action's example and use the PRBC web site to enroll as an Education, Enrollment, and Verification Partner. Consumers may use PRBC's web site to search by zip code for a PRBC Partner near where they live." added Marla Webb, PRBC Director of Education and Outreach.
About PRBC
Pay Rent, Build Credit, Inc. (PRBC) is a national credit bureau with a community economic development mission. PRBC is located in Annapolis, Maryland, and provides a secure patent-pending data collection, scoring, and reporting system. PRBC launched its service in December 2003, and is the first credit bureau to enable consumers to establish and build a credit history with rental payments, as homeowners do with mortgage payments. PRBC makes it possible for consumers to demonstrate their credit-worthiness without conventional debt, does not sell mailing lists, nor does PRBC charge consumers to view their own data. The PRBC service is qualified as a "community development service" under the Community Reinvestment Act by the Federal Reserve Board and by the State of New York Banking Department. In cooperation with real estate professionals and other community-based partners, PRBC leaves no consumer or small business owner behind by assisting them to improve their financial position. PRBC collects, scores, and reports rental, mortgage, and all other recurring bills and remittance payments for "permissible purposes" under the Fair Credit Reporting Act. The PRBC Data Network is secured and hosted by IBM, and can be accessed at
www.prbc.com.
About Prudential Action Real Estate
Prudential Action Real Estate, serving Metropolitan New York, was founded in 1969. Since that time it has earned a host of industry honors. Glen Calderon, Associate Broker, was identified in the September 2003 issue of REALTOR Magazine as one of the Top 100 Real Estate Agents in the U.S. Glen averages 50 closed properties and $12,000,000 of closed volume every month, and he has been the #1 Prudential Real Estate Agent (of over 3,500) for closed transactions in New York State from 1994 to 2003. In September 2001 and again in March 2004, Glen Calderon received Special Community Service Awards from the United States Congress, primarily for his work promoting homeownership among potential first time homebuyers living in Eastern Brooklyn and Western Queens.. Glen is a Charter Member of the National Association of Hispanic Real Estate Professionals (NAHREP). In 2004 he was appointed to the Homeownership Committee for Neighborhood Housing Services (NHS) of NY City. His website
www.glensold.com averages over 27,000 visitors and over 200,000 hits per month.
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