FOR RELEASE 8 A.M. EDT, APRIL 25, 2016 MORE

  

PR Contact:
Ilyce Glink

for eCredable

Phone: (847) 242-0550

ilyce@thinkglink.com

361 Park Avenue

Suite 200

Glencoe, IL 60022

www.eCredable.com

 


 Press Release


 

For Immediate Release

eCredable Announces AMP Connect®

Empowers consumers to automatically build credit history with everyday payments

Atlanta, April 25, 2016: eCredable, a consumer-friendly credit bureau that provides consumers with a bridge-to-credit, today announced a new product that automates the process of adding monthly payments from service providers to the consumer’s credit file at eCredable. According to the CFPB, there are 26 million consumers without credit files. Another 19 million do not have enough history to create a traditional credit score. Many of these consumers resort to doing business with alternative financial service providers, who typically charge extraordinary finance fees. AMP Connect® will empower millions of consumers to cross the credit chasm, and gain access to affordable financial services.

“We’ve helped thousands of consumers use their on-time bill payment history as a way to demonstrate their creditworthiness,” said Steve Ely, CEO of eCredable. “With AMP Connect, we now have the ability to help millions of consumers take advantage of this opportunity. AMP stands for All My Payments, which is exactly what consumers want to take advantage of. Not just the payments that get reported to the three major credit bureaus based on credit cards and loans, but the everyday bills we pay every month – bills like rent, mobile phone, utilities, and insurance - for which they currently receive no credit.”

With AMP Connect, the consumer can opt-in to share their log-in credentials for online accounts with service providers like gas, water, power, mobile phone, land line, internet, cable TV, and satellite TV. An annual subscription of $19.95 allows the consumer to link accounts, download as much as 24 months of payment history, and automatically update eligible accounts on a monthly basis. This can avoid the manual verification cost of $19.95 per account at the time the consumer needs to build their AMP Credit Rating®. Using AMP Connect, the cost of the AMP Credit Report and score may be reduced by as much as 80% for many consumers. Initially, the consumer can link online mobile phone, land line, cable TV, and satellite TV accounts. Additional service providers will be added in the next few months. Please review how-it-works to learn more.

All of this information is stored in the consumer’s eCredable Credit File, which is used to derive their AMP Credit Rating which can be used by any lender in the underwriting process for products like credit cards, personal loans, auto loans and home loans. Lenders that use the AMP Credit Rating can be found in the eCredable Marketplace, including our newest offer for an American Express NBA Credit Card issued by BBVA Compass Bank. For more information, refer to http://www.eCredable.com/BBVACreditCard.

###

About eCredable

eCredable is a consumer-friendly credit bureau focused on the 60 million adults considered “financially underserved”. eCredable connects these consumers to lenders based on a credit score derived from payments for rent, utilities, mobile phone, and insurance. AMP Connect® allows consumers to automatically download their monthly bill payment accounts, monitor their progress towards their AMP Credit Rating® goal with AMP Rate Watch®, request verification of their payment history for accounts that cannot be automatically updated, and create a verified AMP Credit Report® that meets all financial industry standards. The consumer can then share their AMP Credit Report and AMP Credit Rating with any potential creditor, service provider or employer. eCredable uses a unique scoring model that shows the consumer - and the potential creditor - where the consumer’s credit rating stands on a clear, straightforward scale of A to F along with a numerical score in a range of 1-100. eCredable also provides substantial financial education to assist consumers in understanding the complexities of the financial services marketplace. AMP stands for All My Payments. The company was founded in 2009, and is headquartered in Alpharetta, Georgia.