Alternative Credit Borrowers Require an Alternative Approach

Alternative Credit helps reach profitable emerging markets.

More than ever, businesses are challenged to find viable avenues for profitable growth. eCredable offers a unique solution to financial institutions, service providers and businesses seeking new customers in the vast market segment of unbanked and underbanked consumers. Tens of millions of unbanked and underbanked consumers need access to mainstream credit products, but with no FICO score, these potential customers are hard to assess and/or approve. The consumer is either subject to punitive rates and terms, or is simply declined. The institution often losses a customer because they lack sufficient data to accurately assess risk, until now.

Evaluate Risk

Based on monthly and periodic consumer bill payment accounts that are not reported to the national credit bureaus, the eCredable AMP Credit Report is unique, containing credit accounts that are not aggregated in any credit database. Developed on sound predictive analytics, the eCredable AMP Credit Score delivers accurate risk assessment based on this specific Alternative Credit data. Incorporating the AMP Credit Report and Score into the institution’s decisioning process means:

Population
Institutions no longer need to view the underserved population as a high risk segment that cannot be accurately assessed for risk. It is a diverse population that can be systematically analyzed and rated using behavioral data that is not available from other conventional or Alternative Credit databases.
Rate
Businesses now have access to a Credit Score, reflecting the creditworthiness of underserved applicants, that applies the same reliable analytics used in traditional scoring methods, to high quality alternative credit data found in no other credit database.
Report
Potential creditors are provided a single document review of a consumer’s ECOA qualified credit accounts, accompanied by a simple A-F Score, eliminating the need for costly and resource intensive manual verifications and analysis of the consumer’s primary credit obligations.
Compliance
eCredable makes it easier for potential creditors to comply with the ECOA, as well as assisting financial institutions in meeting Community Reinvestment Act compliance requirements.

Build Key Customer Relationships

In this hyper-competitive market, developing win/win strategies with consumers is imperative to create a differentiated offering. eCredable’s unique approach; engaging the consumer in the process and expense of demonstrating their creditworthiness, provides your business access to consumer who are the most likely to be profitable long-term customers.

By partnering with these consumers, you have the opportunity to:

Access New Markets

eCredable members tend to come from two uniquely different places. Many have no credit whatsoever. They might be young, or recently immigrated, widowed or divorced. They have no way of proving their creditworthiness, since they have no traditional credit history residing with the national credit bureaus. Others are consumers that have credit files which may or may not have a score, but are too thin to meet underwriting guidelines. Both groups need access to affordable financial services, or credit-dependent products/services. They pay their bills on time and are creditworthy, but they just can’t prove it. eCredable fills this void. We help consumers demonstrate their creditworthiness, which tells you they can be a great customer for the long term.

Engage Motivated Consumers

eCredable doesn’t just report information on consumers; we involve them in the process as they prepare to enter, or renter, the traditional credit economy. Members who manage their financial lives well, and have an A or B Score, can order an AMP Credit Report and Score any time they anticipate a credit event. Members who have not managed their finances well can easily see how their bad habits have hurt their Score, and can learn budgeting and other valuable financial skills that will help them establish good credit behavior and build a healthy credit profile over time.

Develop Solid Long-Term Customers

eCredable members who present businesses an AMP Credit Report and Score represent a motivated, pre-qualified applicant. They have invested their own time and money to prove they pay their bills on time, and are serious about being a potential customer. Businesses that incorporate the AMP Credit Report and Score into their approval process will find a ready pool of consumers who need the financial services or credit-dependent products/services they offer. If the potential customer is not yet an A or B, the business has the option to build a relationship with the consumer as they continue their journey to earn an acceptable Credit Score over time.

By taking advantage of our easily accessible AMP Credit Report and AMP Credit Score, potential creditors can tap into a large and potentially lucrative market segment while effectively managing the associated risk. There are real possibilities for significant revenue growth within this market segment, which historically has been relegated to less than favorable financial terms.

The business or financial institution has the advantage of:

A motivated and self-qualified applicant.

A reliable and trusted source of verified Alternative Credit data presented in the AMP Credit Report.

An AMP Credit Score for easy assessment of the applicant’s credit standing.

Reduced cost as the Report and Score are paid for by the applicant.

Simplified regulatory compliance.