Steve Ely, CEO of eCredable, used to work for Equifax running the Direct Consumer Business. One of the challenges he experienced was their limited ability to help consumers. Consumers really wanted help with financial advice or with their credit file but that was not what they were there for. Their primary business was to serve companies, not consumers. He left that company to become CEO of a company that does serve consumers and individuals.
A service that helps individuals build a true picture of their payment history that every creditor must take into consideration when they use other credit related information to determine your credit worthiness.
What is the difference between traditional credit score lending and eCredable?
A numerical score based upon Amounts Owed (debt), Credit History (from debt products), New Credit (new debt), Type of Credit (debt), and Payment History (on the debt). In summary, borrow a lot of money and pay interest regularly over a long period of time and you will have a great credit score, allowing you to borrow more money, get lots of credit offers in the mail, and be a target for identity theft.
eCredable's AMP (All My Payments) Credit Rating:
An A – F grade of your true payment history, NOT JUST PAYMENTS MADE ON DEBT PRODUCTS. Your electric bill, rent payment, daycare tuition, the month-to-month type bills most of us have that are never factored into a FICO score. If you have debt, your current payments are taken into consideration when you include that in your eCredable profile.
Who can eCredable help that FICO doesn't?
- Graduates: Starting out their adult life as an individual with bad credit or no credit. Ever try to get a cell phone without a credit history? Ever been turned down for an apartment because of your credit score? Get past dummy lending (getting approval from a FICO score) by showing your AMP Credit Report.
- Immigrants: Why would you come to this country only to learn you have to incur debt in order to “build their credit”? Individuals that are here legally and don't have a traditional credit history can show that they have a good payment history with eCredable's AMP Report. They can apply for bank accounts, get better rates on car payments (which I don't recommend), even use it when applying for a job with a company who looks at your credit score.
- People who had bad credit and just can't wait for their FICO score to improve: Why wait for your credit score to “heal”? Use the eCredable Report to get better terms or interest rates when lenders
- Debt-free lifestyles: Continue to pay the light bill, phone bill, even child care and you will likely qualify for the best rates on car insurance and mortgage rates – even when you have a zero credit score.
Build your AMP Credit Report
Other resources mentioned in this episode:
- Vid-torial: Annual Credit Report
- Review Your Credit Report blogpost
- Equal Credit Opportunity Act: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre15.shtm
- Blogpost Rewind: I'm working on my Debit Score
- Follow Steve Ely on Twitter