Connect (financial services company)
| Company type | Private |
|---|---|
| Industry | Consumer credit reporting |
| Predecessor | Pay Rent, Build Credit, Inc.; PRBC |
| Founded | March 12, 2002 |
| Headquarters | United States |
| Products | Alternative credit reports and scores |
| Owner | MicroBilt Corporation |
| Website | www |
Connect, previously known as PRBC, operates as a U.S.-based consumer credit bureau that adheres to the Fair Credit Reporting Act (FCRA). Distinct from the leading credit bureaus (Equifax, Experian, TransUnion, and Innovis), Connect allows individuals to voluntarily register and submit payment histories unrelated to debt. This alternative information encompasses prompt payments for rent, utilities, cable, telephone services, and insurance—categories typically excluded from other credit reporting agencies.
Consumers can utilize Connect's services at no charge, while lenders and merchants incur fees to obtain alternative credit evaluations when considering loan approvals.
Company history
Founded on March 12, 2002, under the name Pay Rent, Build Credit, Inc., the organization later adopted the PRBC name to better represent its expanded focus on integrating diverse recurring payment data into credit assessments. Initial capital was secured through grants from the Ford Foundation, complemented by investments from the Omidyar Network, The Center for Financial Services Innovation, and TTV Capital. Early adopters of PRBC’s data included prominent mortgage institutions such as Fannie Mae, Freddie Mac, and CitiMortgage.
Between 2005 and 2006, PRBC collaborated with the National Credit Reporting Association (NCRA) and the National Association of Mortgage Brokers (NAMB) to promote consumer education on establishing credit histories using non-debt related payments.
In November 2006, PRBC was granted a patent for its proprietary technology designed to gather recurring bill payment information to generate credit files and scores. By December of that year, both Fannie Mae and Freddie Mac accepted PRBC reports as compliant tools for evaluating borrower creditworthiness on loans they acquire.
In March 2007, mortgage insurer Mortgage Guaranty Insurance Corporation (MGIC) incorporated PRBC Reports along with the Bill Payment Score (BPS) into its automated underwriting system for applicants lacking extensive traditional credit records.
Toward the close of 2007, PRBC formed a partnership with FICO to provide a combined PRBC Credit Report and FICO Expansion Score, thereby enhancing risk evaluation capabilities for mortgage lenders assessing borrowers with limited credit histories.
In December 2008, PRBC was purchased by MicroBilt Corporation, broadening access to alternative data sources for small and medium-sized enterprises aiming to refine their credit decision processes.
On September 12, 2012, PRBC introduced PRBCMainStreet.com—a digital platform designed to connect businesses extending credit to underbanked or credit-challenged consumers by leveraging alternative credit reports.
In November 2020, the company underwent rebranding and adopted the name Connect.