Here you will find answers to the most frequently asked questions.
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Any payment account that is not found in your Equifax*, Experian*, or TransUnion* credit report is considered “alternative” credit. Typically, property managers and landlords, utility companies, cell phone providers, insurance companies and many other types of businesses do not report their customer’s account information and payment history to the national credit bureaus.
Regardless of whether you have no credit file, a thin credit file, or a credit file with negative credit information, your alternative credit information may help you in many situations that require a credit check. If you have no credit file or a thin credit file with no score, and you make on-time monthly payments, your alternative credit accounts may help you establish a payment history that will help you build or improve your credit score(s). If your credit file contains negative payment information, your alternative credit accounts may help to offset those negative marks by showing the creditor a more complete picture of your credit history. Even if you have good credit, but only one or two accounts, your alternative credit accounts may further lift your overall credit profile by demonstrating across more accounts how conscientious you are about making timely payments
Yes. eCredable currently reports your information to TransUnion. Eventually, we hope to report your information to Equifax and Experian as well.
Yes! That’s exactly what eCredable is designed to do. When you enroll in eCredable Lift® and link your eligible utility company accounts, we access your payment history to report it to participating National Credit Reporting Agencies. When you apply for credit (like a credit card) and the creditor access your credit report from TransUnion, it will include a credit score. If the credit score the creditor uses is FICO® Score 8 (or newer) or VantageScore® 3 or newer, the account payment history we reported on your behalf will be included in the score calculation.
Go to https://www.ecredable.com/marketplace to see offers that may interest you that use these credit scores
This really depends on your current credit file. Let’s look at three different situations:
Almost all creditors use Alternative Credit Information in one form or another. There is a variety of information collected by a variety of companies falling into the category of Alternative Credit Information, but it’s very difficult for the consumer to know what the lender is using behind the scenes. The advantage of using eCredable Lift® is that we ONLY report your information to your core credit file at participating credit bureaus (like TransUnion). This ensures your information will impact your traditional credit scores – the ones that most lenders use.
The safety of your personal information is of utmost importance to eCredable. eCredable maintains physical and procedural safeguards designed to protect the confidentiality of your personal information, and to comply with the highest level of physical and internet security standards. In addition to eCredable’s strict security policies and ID verification procedures, eCredable uses Secure Socket Layer Encryption (SSL) whenever sensitive information is sent or received. This provides the same level of security used by banking institutions and other on-line companies requiring the utmost protection for their customers.
If you're concerned about late payments, they will be reported if they're reflected in your payment history. However, by law, your payment can't be reported late until it is 30 days past the payment due date. For example:
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