subject: How To Repair Credit Ratings With Rent And Utility Payments [print this page] Are you one of the 50 million Americans who have little or no credit history on file with consumer credit agencies; Equifax, Transunion and Experian?
Are you one of the 60+ million Americans who have subprime credit scores who need to repair credit your ratings?
The good news is now you can get credit for bills you pay all the time but have not been reporting to the major credit agencies.
Payment obligations like rent, utilities, cable, satellite, insurance, day care, parking, self storage and other recurring bills are bills you pay all the time but never get reported.
These obligations help show that you're a creditworthy customer and imagine what this will do for your credit ratings if all these timely payments were now showing on your personal credit reports.
Well, now they can and cards like the VistaMoney Prepaid MasterCard reports to all three major consumer credit agencies and unlike a credit card, which extends a line of credit, this card allows cardholders to spend the money which they have previously loaded onto the card.
Once you receive a prepaid card, you can make purchases everywhere MasterCard debit cards are accepted. Here are the three ways to fund the prepaid card:
1) Direct deposit - Most companies allow payroll and government checks (such as Social Security, unemployment, tax refund, and disability checks) to be directly deposited into your account.
2) Bank account - You can add money to your card from a checking or savings account.
3) Green Dot MoneyPak - Available at stores like Wal-Mart, Walgreens, Kmart and CVS.
Now when it comes to getting payment obligations like rent and utilities reporting to the credit agencies you will need to utilize the card's bill pay account feature. Many prepaid cards offer this tool as a way to manage your spending and avoid the costly fees associated with a typical credit card.
It's also a great financial tool for teenagers entering adulthood. For teens looking for ways to manage their money it can not only help them control their spending but also build positive credit history as well.
Here's How It Works:
Once you login to the ewallet account, click on "Bill Pay" > "Payees" > "Browse Companies" and browse the online directory of businesses. The Payee's information may already be on file. If the Payee does not appear in the directory, click "Add Payee Manually".
Go to "Bill Pay Overview" and your Payee will appear as a selection where an amount and date can be entered for payment. The Payee should receive the funds in 3 to 7 days from the "Send On" date.
You will receive a payment confirmation email when the electronic payment is initiated. You can also view a report of current and past payments online.
Step-by-Step Instructions:
1) Log in to an online emoney wallet account and enter the companies or people you want to pay.
2) Specify the amount and payment date.
3) Review your pending and recent payments.
4) Funds will clear from your card at the time of payment.
5) Payments are typically received within 3-7 days from the "Send On" date.
It's important to note that only recurring Bill Pay accounts will report to all three major credit agencies. Once your second monthly payment has been made it will report on the 10th of the month following the Bill Pay as an open revolving trade line.
Whether you need to overcome a "thin" credit history or repair your credit rating due to past credit problems the VistaMoney Prepaid MasterCard is a powerful solution that allows you to get credit for bills you pay all the time but have not been reporting to the major credit agencies.
