Changing Credit Scores from 123 to ABC with eCredable

eCredable credit reports

Listen to Steve Stewart's podcast

Debt free people: Have no fear. You can prove you are creditworthy without a FICO score with eCredable.

profile pic - Steve Ely (2016)Steve Ely joins us to share how the credit scoring landscape is changing.

Not only are more lenders leaving the traditional credit score algorithm behind but they are finding more consumers are credit worthy without it!

eCredable is a service that works WITH consumers to build their credit reports.

Once a history for things like rent, electric bills or paying car insurance has been established, eCredable comes in to provide a prospective lender, landlord, or mobile phone company a full and accurate credit rating.

You are rated with a letter grade, not a 3-digit number. An “A” grade means you are paying all your bills (and debts) on time. An “F” means you got some work to do.

What's wrong with traditional credit score lending

A traditional credit score, like a FICO score, evaluates you on the following:

  • How much you borrow – even if you pay off a credit card every month
  • How much credit you have left
  • How long you have been borrowing money
  • How often you miss a payment or are late

What is missing

Non-debt payments like insurance, utilities, or even rent – the things almost everyone has. It also never looks at your income or the wealth you have built up over time. Even your employment history is not used to evaluate how stable your income is.

In other words:

A traditional credit score is missing a LOT of information about you.

That is why SoFi stopped using FICO scores in their lending procedures (listen to the previous episode here).

eCredable changes credit score lending

You no longer need to borrow money to prove you are good for a rental, cell phone, or even a mortgage.

eCredable can prove your creditworthiness from the things you already pay regularly!

You will only pay when you want to prove you are creditworthy (average total cost between $90 – $120).

For a free account with eCredable: (use Promo code SOS)

free account with ecredable coupon promo code



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Also, Tom Corley’s Rich Habits Test for Parents.
I scored a 14. Can you beat that?

Finally, I mentioned my wife's food blog, You gotta see it to believe it!

OH, and I was a guest on the M.O.N.E.Y. Show with J. Money and Paula Pant


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  • Nana

    Reply Reply February 7, 2017

    The more I read posts about debt-reduction and personal finance, the more I realize that the voice questioning the whole premise of credit scoring is in the minority. It really is incredible how credit scores have become a sort of sacred cow. It’s all about keeping the debt machine going. Thanks for using your voice.

    • Steve Stewart

      Reply Reply February 12, 2017

      Thank you Nana. People are trapped in the normal way of thinking about financial success. Credit scores have nothing to do with it, but all the marketing and messages from debt products will make you think it does.

      The mindset shift comes from this question: If you had $1,000,000 retirement portfolio, no debt including a paid-for house, and $50,000 in the bank – do you need to continue working on your credit score? For the person who doesn’t think this through and answers “Yes”, we need to ask them “why”. The answer always comes back to borrowing more money at favorable rates – which isn’t necessary when you have cash in the bank, no debts, more income coming in than going out, and nothing you HAVE to save for (other than kids college – which many would be able to cash-flow or at least help their 2.3 kids with).

      There are other excuses people will use for why credit scores are important, but when they dig deeper they will come to the realization that there are other solutions – better ones that don’t include borrowing money at favorable rates.

      Thanks for commenting!

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