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| Credit Builder is an optional service which allows your payment history to be shared with PRBC®, a national credit reporting agency, to help you establish credit worthiness. Every time you make a bill payment with AccountNow Bill Pay, we will send your bill payment information to PRBC®, a national credit reporting agency. You can add Credit Builder when you sign up for your prepaid account or when you activate the AccountNow Bill Pay service. |
Get credit for your bill pay transactions.
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- Build your payment history when you use AccountNow Bill Pay
- Demonstrate your credit worthiness when applying for housing, credit, insurance, employment, and phone
- It's simple - use AccountNow Bill Pay to pay all your bills such as rent, utilities, cable, insurance, and more
- It's FREE when you activate AccountNow Bill Pay!
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| This is how it works: |
- Activate AccountNow Bill Pay and add the FREE AccountNow Credit Builder service.
- Every time you make a bill payment with AccountNow Bill Pay, we will send your bill payment information to PRBC®, a national credit reporting agency.
- Build a bill payment history to demonstrate your credit worthiness when applying for housing, credit, insurance, employment, phone, and utility hook-up by doing what you already do today - - paying your rent, electric, cable, insurance, and phone bills on time.
- Only Bill Pay transactions will be shared with PRBC. Regular debit transactions using your AccountNow Prepaid MasterCard will not be reported to PRBC.
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| PRBC – Payment Reporting Builds Credit |
| PRBC will compile your bill payment information and create a Bill Payment ScoreSM (BPSSM). PRBC is a credit reporting agency just like Experian, Trans Union, and Equifax, but it is the first to give consumers a choice and an equal opportunity to show that they pay their bills on time. |
Also, unlike the other national credit bureaus, PRBC does not charge consumers to view their own data, and does not sell mailing lists. PRBC makes money by selling credit reports for "permissible purposes" under the Fair Credit Reporting Act, with a consumer’s authorization. |
You will be able to log in to PRBC.com, create a user name and password so you can review your personal file, add account information at any time -- all at no cost. |
Who uses PRBC? |
Home loan associations like Freddie Mac, Fannie Mae and Citicorp Mortgage use bill payment information as part of their decision-making process for home loans. |
Soon, other companies including auto loan, credit card, and insurance companies may start using Bill Payment Scores to comply with the Nation's Fair Housing and Fair Lending laws. |
PRBC will only release your bill payment information with your permission to authorized PRBC subscribers who have a "permissible purpose" under the Fair Credit Reporting Act to view it. |
Paying bills can help consumers qualify for a loan. As an example, a consumer may be eligible for an FHA loan if that consumer can demonstrate they have 12-months of consecutive on-time bill payments that include a housing payment such as rent or a mortgage, and at least 3-other bills such as electric, cable and phone. |
Credit Builder is an optional service that is made available to you at no additional cost as part of the AccountNow bill payment service. Credit Builder is only a service that provides your payment history to PRBC, a national credit reporting agency. Credit Builder does not improve or repair your credit record, credit history or credit rating. It also does not provide advice or assistance for the improvement or repair of your credit record, credit history or credit rating. |
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| *The USA PATRIOT Act is a Federal law that requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. You will be asked to provide your name, address, date of birth, and other information that will allow us to identify you. You may also be asked to provide documentation as proof of identification. Guaranteed Approval is contingent upon successfully passing this mandatory identification confirmation. Certain fees and eligibility requirements apply. |
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Information provided by www.myiadvance.com:
How can I build credit history using my VR-Tech AccountNow Prepaid MasterCard? |
Along with payment history, you also have the option to build actual credit history using your VR-Tech AccountNow Prepaid MasterCard. Easily access a short-term loan through your prepaid card, avoiding costly overdraft fees or pricey payday advances. iAdvance also reports to the credit bureaus, so you have the opportunity to improve your credit.
It’s as easy as 1-2-3. Here’s how it works:
1 – Establish continuous recurring direct deposit to your prepaid card.
2 – Enroll in iAdvance.
3 – Have money available to you in seconds.
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| How do I get an iAdvanceSM Line of Credit? |
| Once you establish direct deposit on your prepaid card, you will have the option to enroll in the iAdvanceSM Line of Credit. Borrow money 24 hours a day and have it loaded immediately on your prepaid card. The maximum amount available to borrow will be dependent on your direct deposits. For more information, visit www.myiadvance.com or call 1-866-782-0986 to speak to a customer service representative. |
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| How much can I borrow? |
| The maximum amount of money that you can borrow under iAdvanceSM is dependent on your direct deposit amount, up to $120. Your credit limit is considered the maximum amount of money you may borrow under iAdvanceSM. Like other lines of credit, as you request money, your available limit will decrease. When the money is repaid, your available credit limit will be restored. |
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| How do I pay back my loan? |
You don't have to do anything - payments will be automatically made from your prepaid card. When the next direct deposit is made onto your prepaid card, your outstanding balance and finance charge will automatically be repaid in full. Any deposits (including your paycheck or benefit-related income, tax refund or other special one-time non-repetitive deposits) will be used for repayment.
If your direct deposit is not enough to repay the amount you owe, a partial repayment will be made resulting in an unpaid balance. iAdvanceSM will take repayment of the remaining unpaid balance from any funds on your prepaid card, including future deposits, until the amount you owe is repaid in full. You should consult the iAdvanceSM Terms and Conditions for additional repayment information. |
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| How often can I borrow money? |
| You may access iAdvanceSM in $20 increments - up to your available credit limit. iAdvanceSM is designed to provide access to cash quickly and when you need it most. Since it is designed to be a short-term solution, if you use the service for more than 12 consecutive months, your iAdvanceSM account may be temporarily suspended for one pay period or 30 days, whichever is less. |
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| Will my iAdvanceSM Line of Credit report to the 3 major credit bureaus (TransUnion, Equifax and Experian)? |
| Yes. Loan advances and repayment performance are reported to one, or more of the three major credit bureaus monthly. Managing your credit and making payments on time, especially after a period of late payment behavior, may help to raise your credit score over time. With iAdvanceSM you don't have to worry about getting your payment in on time - we do it for you automatically from your next direct deposit. |
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| How much does it cost? |
| There is no cost to enroll in iAdvance. You only pay if we make you an advance. The cost is $2.50 for each $20 borrowed. This means that if you borrow $100, the cost (or finance charge) is $12.50. In any statement period that an advance is made, your monthly periodic statement will show a historical APR of 150%. There are no late fees or fees associated with paying your balance early. You should consult the iAdvance Terms and Conditions for more specific fee information.
You should carefully consider the costs of iAdvance. Alternative forms of short-term credit exist that might be less expensive and more suitable and advantageous to you as the borrower.
Sincerely,
Credit Restoration Specialist
Fernando Ramirez
805.404.9877
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