Company reinvents lay away shopping and secure credit cards -- 

As millions of consumers with little or no credit try to manage their money in a slow economy, a new finance company is enabling people to buy consumer goods and establish or rebuild their credit score. LayAwayCredit.com is an online retailer that offers credit-building programs with the computer, TV, or furniture products it offers for purchase. It’s a unique combination that

ensures consumers get the products they want through secure spending that builds their credit score. Through credit bureau reporting, credit counseling and education, LayAwayCredit.com helps different consumer types build good credit scores and gain financial stability.

“Consumers with little or no access to credit now have a new option to build a good credit score and get the credit and products they need,” said Roger Mota, president of LayAwayCredit.com. “Unlike traditional lay away purchase programs offered by large retail stores, LayAwayCredit.com helps consumers increase their credit score by reporting payment activity to the credit bureaus.”

In addition to electronics and furniture, LayAwayCredit.com offers secure credit cards as another way for people to build a higher credit score. Prepaid credit cards offered by other companies do not report payments to credit bureaus and therefore have no effect on a person’s credit score.

Whether caused by a job loss, home foreclosure, or irresponsible spending, consumers in a credit crunch may be surprised that they have another chance to buy products, rebuild their credit, and even buy a home. LayAwayCredit.com’s programs help consumers who have no other financing options as well as the average consumer who simply wants to improve their credit score.

Forty-two percent of adults in the U.S. have a credit (FICO) score of 699 or lower, according to www.myfico.com. Fifteen percent of consumers have a credit (FICO) score of 599 or lower.

“The majority of U.S. consumers have room to improve their credit scores,” says Mota. “To improve their score, many people simply need one additional trade line with good payment history on their credit report,” adds Mota.