FAITH NATIONAL BANK

Insurance and Financial

Owner

CHRISTOPHER BISHOP

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THE FAITH CARD, INC IS A NEW COMPANY THAT HELPS CONSUMERS BUILD THEIR FAIR ISAAC CORPORATION (FICO) CREDIT SCORE BY USING THEIR REGULAR MONTHLY BILLS (E.G. RENT, GAS AND ELECTRIC, PHONE, ETC). THE FICO SCORE IS PRIMARILY USED IN CREDIT DECISIONS MADE BY BANKS AND OTHER PROVIDERS OF SECURED AND UNSECURED CREDIT. CURRENTLY, THE THREE MAJOR CREDIT REPORTING AGENCIES (EXPERIAN, EQUIFAX AND TRANSUNION) DO NOT TRACK OR FACTOR INTO CREDIT SCORES ON-TIME BILL PAYMENTS BECAUSE THEY DO NOT RECOGNIZE THEM AS TRADITIONAL CREDIT DATA. THE CREDIT INDUSTRY REFERS TO THEM AS "ALTERNATIVE CREDIT DATA". THE CREDIT BUREAUS COLLECT DATA ABOUT CONSUMERS THAT THEY USE TO COMPILE CREDIT REPORTS. THEY THEN USE PROPRIETARY SOFTWARE, WHICH THEY GET FROM FAIR ISAAC CORPORATION, TO GENERATE FICO SCORES, WHICH ARE SUBSEQUENTLYSOLD TO LENDERS. EVEN THOUGH LANDLORDS, CABLE AND PHONE SERVICE PROVIDERS ARE PLEASED WITH THEIR CUSTOMERS' TIMELY PAYMENTS, THIS POSITIVE INFORMATION ISN'T REPORTED TO THE CREDIT BUREAUS. IF, HOWEVER, A CONSUMER IS LATE IN PAYING THESE BILLS, THE LANDLORD OR UTILITY DEPARTMENT HAS THE RIGHT TO REPORT THE BILLS AS DELINQUENT TO THE CREDIT BUREAUS. ANY OF THESEBLEMISHES TO THE CONSUMER'S CREDIT REPORT CAN BE AS HARMFUL TO THEIR FICO SCORE AS THE MORE COMMONLY REPORTED ITEMS SUCH AS LATE PAYMENTS ON LOANS OR CREDIT CARDS. BY USING THEIR FAITH CARD ACCOUNT, ANY CONSUMER CAN NOW RAISE THEIR FICO SCORE USING THEIR BILL PAYMENT TRANSACTIONS.

Insurance and Financial

Owner

CHRISTOPHER BISHOP

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