AMP Credit Report®
eCredable developed the AMP Credit Report to provide Alternative Credit Account details in a concise and readable format, and to facilitate quick and reliable analysis and risk decisions.
eCredable’s AMP Credit Report is presented in an industry standard format, and gives consumers a way to present their bill payments that are not typically reported to the major credit bureaus, verified by a leader in the credit reporting industry, and accompanied by a sound, predictive credit score. To ensure accuracy and authenticity, creditors can view the AMP Credit Report and AMP Credit Score via eCredable’s secure online website, after retaining consumer permission. Selected information can also be shared via API’s.
Although the AMP Credit Report is designed to meet the requirements of lenders and financial institutions, many of our consumers will be seeing a credit report for the very first time, so every attempt has been made to simplify the report and present it in a fashion any consumer can understand.
The AMP Credit Report Up Close
A - Identifying Information
Presents the eCredable Member’s name, address, Social Security number and date of birth.
B - AMP Credit Score Summary
The AMP Credit Score analyzes account type, age of account, payment amount and payment history to provide a reliable and predictive measure of applicant risk.
C - Key Factors
The AMP Credit Score supports regulatory compliance by delivering the 4 Key Factors that adversely affect the Score, listed in the order of their importance.
D - AMP Credit Report Summary
Summarizes all Credit Accounts included in the Report by category, and provides a combined total of the balance, payment amount, and number of late payments for all Credit Accounts reported in that category.
E - Rated Accounts
Presents a summary of the verified Credit Accounts, presented by Tier (Tier 1, Tier II, Tier III and Tier IV) that are factored into the AMP Credit Score. Alternative Credit Tiers were established and defined by Fannie Mae, Freddie Mac and the FHA to guide mortgage lenders in evaluating potential home buyers who do not have traditional credit reports with the national credit bureaus. This Tier structure has become the standard for the reporting of Alternative Credit in many types of lending and underwriting decisions.
F - Verifications 45+ Days Old
Summarizes Alternative Credit Accounts with verifications 45+ days old, which are not factored into the AMP Credit Score.
G - Unverified Accounts
Summarizes Alternative Credit Accounts that have not been verified, and are not factored into the AMP Credit Score.
H - Credit Account Detail
Presents each Credit Account factored in the AMP Credit Score, categorized by Tier. Industry standards rank alternative credit categories by order of significance of the specific account type:
I - Account Holder Information
- Tier I payments include housing, such as rent, mortgage and rent to own.
- Tier II payments include utilities, mobile phone, internet services, and telecom payments.
- Tier III payments are those paid directly to insurers (excluding payroll deduction).
- Tier IV payments include any other monthly payments.
Name, address and phone number of the institution or lender.
J - Account Information
Credit Account details simplify individual account analysis.
K - Verifier Information
Identifies Verifier and verification date.
L - Payment History
Details the monthly payment status for up to 24 months of account payment history.