Does the PCB Credit Card report to credit bureaus?

Yes. Secured credit cards help build credit if you keep them in good standing by paying the monthly bill on time, because all major secured cards report to 1-3 major credit bureaus each month. Using a secured credit card responsibly is actually one of the best ways to build credit because secured cards are relatively inexpensive and easy to get, and there is no difference between using a secured credit card versus an unsecured card as far as building credit is concerned.... read full answer

If you use a secured credit card irresponsibly, maxing it out or missing payments, you’ll have negative information on your credit report. That can lead to a bad credit score. But on the flip side, responsible use of a secured card builds credit just as well as any unsecured card. The only difference between a secured card and an unsecured card is that secured cards require a security deposit and give you a credit limit equal to that deposit. Secured and unsecured cards look the same, both physically and on credit reports.

How Secured Cards Build Credit

• All major secured credit cards report to 1-3 of the major credit bureaus on a monthly basis.
• Secured credit cards report information about your payment history, balance, spending limit and more to the credit bureaus each month.
• The information secured cards report to the bureaus contributes to your credit history.
• Responsible use of a secured card results in positive information being reported, helping to cover up past mistakes or build out a thin file.
• The key to building credit with a secured card is to never miss a due date, or to just never use your card. As long as your account is open and in good standing, you’re in good shape.
• Keeping your statement balance below 30% of your credit limit will help you build credit faster with a secured card.

Secured cards are the best credit cards to use if building credit is your main objective. And they’re particularly useful for rebuilding credit after mistakes. Not only do secured cards report to the credit bureaus, but they also approve even applicants with bad credit. Some don’t even do a credit check. And secured cards are known for low fees. The high approval odds and low fees are all because of the refundable security deposit.

But just because all major secured credit cards can help you build credit does not mean they’re equally attractive. They differ in several important areas, including their annual fees, minimum deposit requirements and rewards. It’s important to shop around and pick the best card for you.

To learn more, check out our guide on how secured cards work and our editors’ picks for the best secured credit card offers.

You are legally entitled to three free credit reports each year: one from each of the three major credit bureaus (Equifax, Experian, and TransUnion). A consumer’s legal right to three free credit reports per year is a provision of the Fair Credit Reporting Act of 1970. The law also stipulates that if a credit report is used to deny you credit, insurance, employment, or benefits, you are entitled to an extra credit report from that credit bureau.... read full answer

You can order these free credit reports through the government-sponsored Annual Credit Report program online, by calling 1-877-322-8228, or by mailing a request form. You’ll get your credit reports immediately through an online request, while the other two methods require you to wait 15 days from when your request is received.

In addition to the three free credit reports you are legally entitled to each year, you can get an unlimited number of free reports from one of the free credit report websites not sponsored by the government. These sites give free reports from one or two of the major bureaus, and most update their info on a weekly or monthly basis.

WalletHub, on the other hand, is the only site that offers free credit reports (and scores) that are updated on a daily basis. In other words, WalletHub gives you up to 365 updated TransUnion credit reports for free every year. And you can check them as often as you’d like. You’ll also receive personalized credit analysis, which will tell you what you need to improve, how to do it, and how long it will take.

As a result, we recommend using WalletHub as your go-to credit report site and supplementing it with yearly reports from Annual Credit Report.

To report rent payments to the credit bureaus, sign up for a rent-reporting service such as LevelCredit. These services report on-time rent payments to the major credit bureaus for inclusion on your credit report. Some require your landlord to create and maintain an active account, while others just require verification that they own or manage the property and have an active lease with you.... read full answer

Subscription Services to Report Rent Payments to Credit Bureaus:

These services vary in terms of functionality and price, costing as much as $145 per month. But they all report rent payments to at least one of the major credit bureaus.

If you are interested in free services, you have a few options, too.

Free Services to Report Rent Payments to Credit Bureaus:

Things to Look For in a Rent-Reporting Service:

With so many different services available for reporting your rent payments to the credit bureaus, there are a few key things to consider when deciding which one is right for you.

• How much effort does my landlord need to go through to sign up, and will the landlord provide all of the information needed? Some services just require a phone call or an email. Others require a driver’s license or a copy of the lease. In many cases, the landlord will have to sign up for and maintain an account with the service. Individual landlords may not want to sign up with a new service just to potentially help out your credit score.
• How much does the service cost for a year? Payment options for these services vary. Some require a large initial deposit while others charge monthly or require a contract. The best way to report rent payments to the credit bureaus for free is to sign up for a service like MoCaFi, which offers free reporting to Equifax if you use its phone app.
• Does the service include rental history? Depending on how the service tracks rent, it may be capable of checking past payment history. Others only begin tracking rent payments once you’ve signed up for the service.
• Which credit bureaus does the service report to? Experian, Equifax, or TransUnion. Some services only report to a single credit bureau, while others report to multiple.
• When will your rent appear on your credit report? It could take days, weeks or even months to be added to your credit report.
• How can you cancel the service? Some services require contracts and others are only valid while you live at a certain address. Check if you can update your account when you move or if you need to cancel.

The value of reporting your rent will vary based on your current credit score, but TransUnion research found that renters with subprime credit scores who made timely rental payments could see their credit scores increase by 26 points after a year of rent payment reporting. You can track your progress with free credit reports and scores through your WalletHub account, all for free.