SOURCE: CompuCredit Corporation

December 26, 2006 12:20 ET

CompuCredit and PRBC Join Forces to Help Consumers Build Credit

ATLANTA, GA -- (MARKET WIRE) -- December 26, 2006 -- CompuCredit Corporation (NASDAQ: CCRT) today announced it is joining with the alternative credit bureau PRBC® in an innovative program to help consumers build credit by reporting consumers' positive payment history that is neither received nor reported by other credit bureaus.

"At a time when nearly one-half of Americans lack a 'prime' credit score, and credit scores are increasingly important, most traditional credit scores don't reflect on-time commonly recurring bill payments, like rent, insurance, phone bills or utility payments," said David Hanna, CEO of CompuCredit.

"While most credit scores recognize only consumers' negative information, this program uniquely recognizes consumers' positive payment history," continued Hanna. "And consumers can self-enroll to demonstrate their fiscal responsibility. Given that credit scores today are used to determine eligibility to purchase a home, buy insurance, open a checking account and even qualify for a job, a 'prime' credit score can open the door to the mainstream economy. We are excited that through this initiative our customers can build or enhance their credit histories and, working with PRBC, gain access to more traditional financial services."

PRBC reports customer loan payments and empowers consumers to self-report on-time payments on other recurring obligations such as rent, utilities, and phone bills that are not reported to other credit bureaus. PRBC produces a PRBC Report(SM) a Bill Payment Score(SM) (BPS(SM)), an easy-to-understand bill payment history and numerical rating. The PRBC Report and BPS can be used either to supplement a traditional credit report and score to gain a more complete and accurate risk assessment of an applicant, or to assess applicants without a traditional credit report and score.

"Often, fiscally responsible consumers are unable to establish a credit history simply because their on-time bill payments aren't included in a traditional credit assessment," said Michael Nathans, Chairman and founder of PRBC. "We believe that consumers have a right to demonstrate that they pay their bills on time using a credit bureau, and that when they can do so, they become more motivated to establish a positive payment record."

"Demonstrating a payment history enables unbanked and financially underserved customers to access mainstream financial services," explained Corey Stone, CEO of PRBC. "PRBC is the first credit bureau to provide the opportunity for all fiscally responsible consumers to demonstrate that they pay their bills on time when users of traditional credit reports and scores assess their creditworthiness."

About CompuCredit

CompuCredit is a specialty finance company and marketer of branded credit cards and related financial services. CompuCredit provides these services to consumers who are underserved by traditional financial institutions. Through corporate and affinity contributions focused on the underserved and un-banked communities, CompuCredit also uses its financial resources and volunteer efforts to address the numerous challenges affecting its customers. For more information about CompuCredit, visit

About PRBC

PRBC is a consumer reporting agency that collects, stores, scores, and reports bill payment data for "permissible purposes" under the Fair Credit Reporting Act. It is the first credit bureau to give consumers and small businesses the tools to demonstrate their creditworthiness without the need to go into debt. In addition to receiving payment data from creditors and financial institutions' bill payment services, PRBC has partnered with the National Credit Reporting Association to verify trade line accounts and up to three years worth of prior payments that are reported directly by consumers to PRBC. Lenders can purchase a PRBC Report depicting a consumer's bill payment history either on a standalone basis, or merged with Equifax, Experian, and TransUnion credit reports. Each PRBC Report is accompanied by a PRBC Bill Payment Score (BPS). A PRBC Report may also be used as a "non-traditional mortgage credit report" (NTMCR) that meets and exceeds secondary market standards for documenting creditworthiness. PRBC does not charge consumers or small businesses a fee to enroll in the service or to view their own payment data at any time. PRBC advocates that Payment Reporting Builds Credit and can be accessed at

Contact Information

  • For more information, contact:

    Denise Harrod

    Michael Nathans
    Chief Development Officer