New way to get a credit rating if you do not have traditional history.

The fact is that if you do not have credit cards, or have not been borrowing in other ways, the major Credit Reporting Agencies (CRA’s) might not have enough information to give you a traditional credit rating. Some estimates say that as many as 50 million American adults may fall into this category.

The Wall Street Journal reports that some of the CRA’s (Transunion, Experian and Equifax, to name three) are working on providing an alternate credit scores for some people, based on what they call “non traditional” information, like how well you have been paying rent, utility and insurance payments. These things are not typically reported to the CRA’s.

And there is one credit bureau that allows you to set up an alternative credit score for yourself –  Pay Rent Build Credit, Inc ( It works in one of two ways. You can sign up with them to pay your bills online and they will use that information to build a credit score for you. Or you can submit paid bills to them so they can establish your history. They charge $15 to $20 per account for this service. They also charge lenders who inquire about your rating for a report, as do the other CRA’s.

For many people, this may be a good way to get a loan they might not otherwise have gotten, or, just as important, to get a lower interest rate.

Find out the top 5 ways that you can improve your credit score. 

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