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Frequently Asked Questions

About eCredable

Who is eCredable?

eCredable is an online member based product that exists to help the 45 million un/under-banked adults who need access to affordable financial services, but are hindered by their lack of a “traditional” credit history.  Many of these individuals are very creditworthy, consistently paying their regular bill payment obligations (Credit accounts) as agreed, but have no way to prove they are a good credit risk.

eCredable’s mission is to assist individuals in their efforts to access affordable credit products and services today, manage their financial lives responsibly, and transition to a traditional credit profile.

eCredable provides consumers with a way to present the on-time payment history of their Alternative Credit accounts to creditors, financial institutions, landlords, employers, or product/service providers, in a manner that the creditor can trust and easily integrate into their underwriting process.  The eCredable AMP Credit Report enables consumers to provide anyone checking their credit with a verified report of their bill payment history as part of their credit application.  The AMP Credit Score makes it easy for consumers and creditors alike to quickly determine where the consumer stands, and the risk they present in a credit situation.

eCredable operates as a Credit Reporting Agency (CRA) under the auspices of the Fair Credit Reporting Act (FCRA), the Fair And Accurate Credit Reporting Act (FACTA), Gramm Leach Bliley (GLB), and other state and Federal consumer protection laws.


How is eCredable different from other CRAs that maintain Alternative Credit databases?

Most Alternative Credit CRAs typically aggregate and sell credit account data that is reported to them by sources with which they have a business relationship, such as property management companies or certain service providers, and/or from other data source aggregators.  Although the information is relevant, these consumer reports seldom provide a complete picture of the typical un/under-banked consumer’s creditworthiness.  They generally do not contain the majority of the individual’s monthly payment obligations, since the vast majority of utility companies, landlords, insurance providers, mobile communication companies, etc. do not report their customer’s payment history to any CRA or database.

Until now, the value of this Alternative Credit data has not been easy to retrieve or compile into a report a lender can easily use.  eCredable’s unique model allows the consumer to register their accounts online, and have their information manually or automatically verified to be included in their AMP Credit Report which includes their AMP Credit Score.  Manually verified accounts are verified by third party verification partners.  Automatically verified accounts are linked by the consumer to their eCredable Profile, which allows us to use aggregation technology to download their payment history from their Biller’s web site.  In the future, eCredable will use automatically verified account payment history to allow us to as “The Consumer’s Data Furnisher” and report this information to one or more of the three national credit bureaus.

The AMP Credit Report can represents a very complete picture of the consumer’s obligations and payment history, containing consumer credit accounts never reported to any Alternative Credit database.  Additionally, the information factored into the AMP Credit Score has been manually verified and documented, eliminating this laborious process on the creditor’s side, and circumventing the problem of receiving stale, incorrect or misreported information.

The AMP Credit Report and Score are available at no charge to the creditor, as the eCredable member has absorbed the cost involved in verifying the credit account information and producing the report. 

Finally, because the consumer drives the process, the AMP Credit Report and Score represents an applicant who is invested in proving their creditworthiness.  The applicant who presents an AMP Credit Report and AMP Credit Score is a serious and highly motivated individual who has taken a proactive step toward becoming a valuable customer.


Does eCredable provide Alternative Credit data to the national credit bureaus or other Alternative Credit CRAs?

No. eCredable does not report information to Equifax, TransUnion or Experian.


Is eCredable a credit repair company?

No.  eCredable does not provide assistance to consumers attempting to “repair” their traditional credit with the credit bureaus.


Can I send my customer to eCredable for an AMP Credit Report and Score?

Yes.  Any consumer can join eCredable and build an AMP Credit Report and AMP Credit Score based on the Accounts they register with eCredable.  Only automatically or manually verified information can be included in their eCredable Credit File, which is used to produce their report and score that can be shared with you.  All underwriting criteria is different, but any eCredable Member who earns an AMP Credit Score of at least a B- is highly likely to be creditworthy.  If they cannot achieve a B-, we have tools the consumer can use to educate themselves on what they need to do to earn at least a B-, and over what period of time.


How can eCredable help me build and retain customers?

The AMP Credit Report and AMP Credit Score offers a unique solution to help you assess the creditworthiness of consumers with no traditional credit history.  Unlike many alternative credit scores which rely on a limited set of data from a limited set of data sources, the AMP Credit Score model requires the consumer submit a substantial number of accounts to be verified in order to earn the minimum score you require.


How does eCredable assist consumers?

Our mission is to help every consumer “cross the credit chasm” so they can access mainstream financial services.  We do not teach them to get credit for credit’s sake, but rather to understand the importance of having a good credit history that will affect virtually every facet of their financial life.  To this end, we provide a significant amount of educational content to help the consumer learn and understand the complexities of the financial ecosystem.

We have several tools to help all of our Members know where they stand, and what it will take for them to achieve their desired AMP Credit Score.  Recent immigrants that lack any payment history will take at least 18 months before they are eligible to apply for offers from our partners.  AMP Score Watch servers as a forecasting tool to help them understand how to manage this journey of credit building.

For our Members who already have a significant history of bill payments, the AMP Credit Score Estimator will help them understand the mix of payments which must be verified in order for them to achieve their desired AMP Credit Score.  For example, it’s very difficult to earn an “A” unless Rent is a verified Account. All mortgage lenders will want to ensure the applicant has a strong history of online rental payments.