Laws and Notices

Patents

PRBC system technology and business processes are unique to the consumer data industry. Due to the proprietary nature of the PRBC systems, they are protected by two separate registered US Patents; No. 7,877,322 B2 and No. 7,139,734 B2, with several other patents pending. PRBC also possesses over a half-dozen US Trademarks and numerous domain names on its systems, processes, products, brands, names, marks and logos.

MicroBilt Corporation Receives U.S. Patent for PRBC© Bill Payment Reporting and Scoring. Read More

KENNESAW, GA, April 8, 2011 — MicroBilt Corporation, a leader in risk management information for small and medium-sized businesses and the provider of the PRBC© Report with FICO© Expansion Score, the industry lending alternative data report for non-traditional lenders, announced today that the United States Patent and Trademark Office has granted Patent Number 7,877,322 B2 for the company's technology and method for collecting data on commonly recurring bill payments made by individuals and small businesses, and incorporating them in a credit file, credit report, and credit score. Examples of common monthly payments that go largely unreported to traditional credit bureaus include rent, private mortgages, non-prime auto loans, utilities, phone, cable, insurance premiums, pay day advances, and rental furniture and appliances.

The PRBC Report provides businesses with a comprehensive source of consumer information to make better credit decisions. This data includes traditional and bill payment trade lines, FICO© Expansion© Score, employment information, bank account data, property records, public records data, including bankruptcies, suits, liens, judgments, evictions, repossessions and foreclosures and address and phone information. The FICO© Expansion© Score is calculated from a broad range of both positive and negative nontraditional credit data, such as checking account usage, cell and landline telephone, utility data, membership club obligations, judgments, liens, bankruptcy data and more.

"The new PRBC patent recognizes our unique method for processing payments, resolving disputes, and collecting credit payment history information," according to Walt Wojciechowski, CEO of MicroBilt, "Together with PRBC’s early patent (Number 7,139,734) which recognizes PRBC technology and method as a credit bureau, for collecting bill payment data from financial institutions that consumers and small businesses use to pay their bills each month, and for storing and scoring that data to produce a report indicating the payer's creditworthiness, specifically their willingness and ability to make timely payments. The patent validates PRBC's market leadership in the alternative credit data space.

"Businesses today need every business opportunity and every advantage they can find. The PRBC Report with FICO© Expansion© Score gives businesses decision critical data and a FICO score they can rely on to deal with this very large population of our country where there has been too little information with which to make good credit or other business decisions," adds Wojciechowski. "Our PRBC Report provides unique insight into the credit-underserved consumer and together with the FICO Expansion Score, provides a highly reliable indicator of creditworthiness in the absence of a traditional credit history."

TERMS AND CONDITIONS

Payment Reporting Builds Credit (“PRBC”), an alternative consumer reporting agency, is a wholly owned subsidiary of MicroBilt Corporation (“MicroBilt” and together with PRBC, the “Company” “we” or “us”), and affords you (“you” “your” or “User”) with access to this website and the products and services available hereunder (collectively, the "Website"), subject to the within terms and conditions (the “Agreement”). We provide account verification, aggregation, analytic tools and proprietary scoring algorithms to help lenders from whom you may seek a loan to determine if to approve your application as well as other financial products and services as described in these Terms and Conditions. This Agreement is between you, the User of this Website and Company. You are using this Website so that Company may create a score for you based on your submitted and gathered personal, payment, billing and financial information and assist a lender to carry out a financial transaction that you have currently requested or applied for, or in support of future applications you may make for a loan with a lender, future requests for another financial product from a financial institution as well as to offer other financial products to you. As a result, a lender may access your traditional consumer report through us, to which you consent. Please read this Agreement carefully before accessing this Website or using any Company product or service. By accessing this Website or using any Company product or service, you confirm that you are over the age of eighteen (18), agree to be legally bound by all terms and conditions of this Agreement and Privacy Policy and consent to be automatically enrolled as a member of PRBC.

These are the terms regarding the privacy of the personal, payment, billing and financial information you furnish to us through this Website and the personal, payment, billing and financial information we obtain from the online bank, financial institution, utility companies, landlords, subscriptions, and social media accounts to which you give us access. By using this Website, you are consenting to the information collection and use practices described herein. You agree to appoint Company as your agent to act on your behalf to access your online bank, financial institution, utility companies, landlords, subscriptions, and social media accounts and acknowledge that such may be inconsistent with the terms or rules of such institutions. You agree that information you submit shall be as complete and accurate as possible. The terms outlined below describes Company's policies regarding the use of your information.

Privacy Policy

The Fair Credit Reporting Act (“FCRA”) became effective on April 25, 1971. The FCRA is a group of acts contained in the Federal Consumer Credit Protection act, such as the Truth in Lending Act and the Fair Debt Collection Practices Act.

Congress substantively amended the FCRA upon the passage of the Fair and Accurate Credit Transactions Act of 2003 (“FACT Act”). The FACT Act created many new responsibilities for consumer reporting agencies and users of consumer reports. It contained many new consumer disclosure requirements as well as provisions to address identity theft. In addition, it provided free annual consumer report rights for consumers and improved access to consumer report information to help increase the accuracy of data in the consumer reporting system.

The identity theft rights summary includes the identity theft rights granted to consumers by FACTA, including the right to place fraud alerts on their credit reports, to block businesses and credit bureaus from reporting information in their credit files that is a result of identity theft, and to obtain from businesses information about accounts or transactions in their name that result from identity theft. The identity theft rights summary will be provided by consumer reporting companies to consumers who contact the agencies because they believe they are victims of fraud or identity theft.

The general consumer rights summary includes, among other things, consumers' right to see their credit files and know when they have been used against them, to correct inaccuracies, and to opt-out of unsolicited offers. The summary also notes that, in addition to identity theft victims, active duty military personnel have additional rights under the FCRA and FACTA. This general summary of rights updates the current summary, which credit reporting companies provide to consumers with their credit reports. The furnisher and user notices explain to businesses their duties under the FCRA.

The FCRA contains significant responsibilities for business entities that are consumer reporting agencies and lesser responsibilities for those that are not. Generally, financial institutions are not consumer reporting agencies.

In addition to the requirements related to financial institutions acting as consumer reporting agencies, FCRA requirements also apply to financial institutions that operate in any of the following capacities:

  • Procurers and users of information (for example, as credit grantors, purchasers of dealer paper, or when opening deposit accounts).
  • Furnishers and transmitters of information (by reporting information to consumer reporting agencies, other third parties, or to affiliates).
  • Marketers of credit or insurance products.
  • Employers.

Financial institutions are subject to a number of different requirements under the FCRA. The statute contains some of the requirements, while others are in regulations issued jointly by the FFIEC agencies or in regulations issued by the Federal Reserve Board and/or the Federal Trade Commission.

The Dodd-Frank Act granted rulemaking authority under the FCRA (except for §615(e) (identity theft) and §628 (disposal)) to the Consumer Financial Protection Bureau (“CFPB”) and, with respect to entities under its jurisdiction, granted authority to the CFPB to supervise for and enforce compliance with the provisions of the FCRA and the implementing regulations.

The CFPB structured the examination procedures as a series of modules, grouping similar requirements together. The modules contain general information about each of the requirements:

  • Module 1 Obtaining Consumer Reports.
  • Module 2 Obtaining Information and Sharing Among Affiliates.
  • Module 3 Disclosures to Consumers and Miscellaneous Requirements.
  • Module 4 Financial Institutions as Furnishers of Information.
  • Module 5 Consumer Alerts and Identity Theft Protections.

Information subject to change without notice.
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