eCredable takes its commitment to provide accurate and trusted Alternative Credit data to its Members and their creditors seriously, and recognizes that the value of the eCredable AMP Credit Report® and AMP Credit Score® depends on the creditor’s trust and faith in the quality of the data we aggregate and report. eCredable has established Alternative Credit verification procedures for the investigation, validation, documentation and reporting of our Member’s recorded Bill Payment Account information(Credit Accounts) by eCredable’s Verification Partners. These rules are in place to ensure accurate, reliable, and timely account verifications.
eCredable operates as a Consumer Reporting Agency (CRA), in compliance with the Fair Credit Reporting Act (FCRA), the Fair and Accurate Credit Transactions Act (FACTA), the Gramm-Leach-Bliley Act (GLB), and with applicable state laws. eCredable’s verification policies and procedures may be updated from time to time to reflect the highest standards for consumer privacy protection and data accuracy. eCredable and its Verifiers treat the eCredable Member’s Personally Identifiable Information in accordance with the terms and spirit of the FCRA, FACTA, GLB, and all other applicable laws.
Industry standards set forth by Fannie Mae, Freddie Mac and the FHA, prescribe how Credit Accounts that are not reported to the nationwide credit reporting agencies, Equifax, Experian, and TransUnion must be used when making a determination of creditworthiness during the mortgage lending process. eCredable has chosen to conform to these standards when performing manual verifications and reporting alternative credit accounts.
Verifier Certification and Eligibility
Verification Partners must be a Credit Reporting Agency as defined by the FCRA, and a Member in good standing of the National Credit Reporting Association (NCRA). Verification Partner CRAs must be involved in the validation and reporting of Alternative Credit as a part of their core business to be considered or approved as eCredable verification vendors. Verification Partners agree to comply with FCRA, FACTA, GLB and all other applicable Federal and State laws. Verifiers must be an active employee of the eCredable Verification Partner and must pass the NCRA Fair Credit Reporting Act Certification Test.
Verifications Included in the AMP Credit Score
eCredable’s Alternative Credit verification procedures ensure that Credit Accounts that are included in the AMP Credit Score are verified and documented in accordance with industry standards, and represent accurate, reliable and current payment data regarding eCredable Member’s Credit Accounts.
Although the eCredable member may choose to show any bill payment for which they are responsible as provided under ECOA Section 202.6 (b)(6), only “Qualified Verifications” will be factored into the AMP Credit Score. This ensures that the AMP Credit Score is based only on Bill Payment Account data that is “current” and has been properly verified.
In order for verified Bill Payment Accounts to be considered Qualified Verifications and included in the AMP Credit Score, verifications must have been performed within 45 days of the date the Report was created (Created Date). Bill Payment Accounts that have not been verified, or that were verified 45+ days from the Created Date of the Report, are NOT factored into the AMP Credit Score.