What is an alternative credit score?

In the last few years a major emphasis in financial circles has been placed on a person's credit score, but some experts say that this data might not go far enough.

That's where "alternative" credit scores - including those from PRBC - come in. While a normal credit score only takes into account how you've handled account like credit cards, student loans, auto loans, and so on, as we've previously discussed. An alternative score considers far more.

Basically, if you make a monthly payment into something, you might be able to have it counted toward your alternative score. That includes rent, utilities, cable bills, and so on. The general consensus among a growing number of experts is that all this extra information can help to paint a more complete picture of a person's ongoing financial situation, particularly if they have limited credit histories.

For these reasons, you might want to ask your landlord or the companies to which you pay bills to start reporting payment data to alternative credit scorers.