Real estate owned or REO is a class of property owned by a lender typically a bank, government agency, or government loan insurer, after an unsuccessful sale at a foreclosure auction.

Better than a Bank Account

Our New Prepaid MasterCard Reports Payment Behavior to All Three Major Credit Bureaus: Experian, Equifax, and TransUnion

Now, you can get credit for your bill pay transactions that you're already paying, but may have not been reporting to the three major credit bureaus. Approximately 50 million Americans have little or no credit history on file with the Experian, Equifax and TransUnion bureaus but earn a steady income and meet regular payment obligations of rent, utilities and recurring bills. These potential creditworthy customers are often denied for credit offerings due to their "thin" or nontraditional credit history.

Frequently Asked Questions

Does the automatic bill payment report to the credit bureaus as an open revolving trade line?

Yes, the Bill Pay account will report as an open revolving trade line showing your payment history.

If I only authorize a one-time bill pay, will that account report to the credit bureaus?

No, only recurring Bill Pay accounts will report to the credit bureaus.

How long does it take before the Bill Pay account is reported to the credit bureaus?

The Bill Pay account will report to the credit bureaus after the second monthly payment has been made. It is recommended that you use the Bill Pay feature for each month following, as the continuous payments will create the greatest benefit to your credit score.

How often does the Bill Pay account report to the credit bureaus?

The Bill Pay account will report to the credit bureaus monthly, typically on the 10th of the month following the Bill Pay.

Are there any automatic bill payments that will not report to the credit bureaus?

As long as they are paid through the Bill Pay feature, payments made to the following categories will report your payment history to the credit bureaus: rent, electric, natural gas, heating oil, water, sewer, phone, utility, cable, satellite, day care, insurance, self storage, parking, non-utility service, remittances, mobile home, alimony, child support, periodic financial service and telecommunication.