Alternative Credit Firm Offers Rewards for Timely Payments
A start-up credit reporting firm is offering consumers a way to start having their routine payments build up their credit scores while earning rewards at the same time.
Maxamum Inc., a New York City-based firm, will offer consumers rewards for the payments that they will allow the firm to report to PBRC.
PBRC is an alternative credit bureau that formulates the FICO Expansion score, a credit score which reflects a broader range of consumer payment behavior than do the traditional credit scores.
"The Maxamum business model represents a paradigm shift in the rewards industry," said Ben Duncan, president and co-founder of Maxamum Inc.
"Whereas traditional rewards programs are predicated upon consumer spending and increased debt, the Maxamum model rewards consumers for positive and necessary consumer behavior, such as paying your bills on time.
"The Maxamum model encourages constructive consumer action that leads to credit worthiness, extended financial resources and, ultimately, improved financial health."