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eCredable

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eCredable Is a alternative credit reporting agency,That creates a credit report based on bills individuals routinely pay, but are not reported to the national credit bureaus. By verifying payments on things such as rent, utilities, child care, insurance and mobile phones.To Verify 1 paid bill it will Cost YOU $20.00 :dntknw: And there AMP credit report cost's $80.00-$100.00 :swoon:

Edited by credithunting

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So the consumer pays the fee and they create another fako score that no creditor will use? Sounds like a scam to me, especially since fico announced an alternative credit score would be coming soon.

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They cannot be very creditable. The home page statement is a falsehood.

eCredable is Your Bridge to Credit

When you're applying for a car, home loan or credit line, the law requires that the potential creditor MUST consider the information in your AMP Credit Report. It's the LAW!

 

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Run away and run fast. It's endorsed by Dave Ramsey.

http://www.bizjournals.com/prnewswire/press_releases/2011/08/11/CL50690

 

And of course they have a Pricing page that shows how much $$ they're going to make from gullible consumers.

http://www.ecredable.com/pricing

 

OMG - their CEO worked at Equifax for 5 years - where he learned how to create and push terms like "AMP Credit Rating".

 

Looks like they've included the First Progress secured card on the site. Is that suppose to boost my AMP score?

Edited by tmcgill

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They cannot be very creditable. The home page statement is a falsehood.

 

eCredable is Your Bridge to Credit

When you're applying for a car, home loan or credit line, the law requires that the potential creditor MUST consider the information in your AMP Credit Report. It's the LAW!

 

 

 

 

Sounds like a scam to me.

Edited by TampaDude

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They cannot be very creditable. The home page statement is a falsehood.

 

eCredable is Your Bridge to Credit

When you're applying for a car, home loan or credit line, the law requires that the potential creditor MUST consider the information in your AMP Credit Report. It's the LAW!

 

To be fair, it doesn't say how they must consider it. Maybe they just consider the information on one's AMP report to be crap.

 

There, it's been considered :D

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They cannot be very creditable. The home page statement is a falsehood.

 

eCredable is Your Bridge to Credit

When you're applying for a car, home loan or credit line, the law requires that the potential creditor MUST consider the information in your AMP Credit Report. It's the LAW!

 

To be fair, it doesn't say how they must consider it. Maybe they just consider the information on one's AMP report to be crap.

 

There, it's been considered :D

 

 

Well, it indeed is the law. The problem with this "data" is that it hasn't been validated so the use of it requires a creditor fall back on the "judgment" mode which also means the creditor no longer has a safe harbor against discrimination charges. The single biggest reason that FICO is so widely used is that it is both predictive and does not discriminate against the various protected classes.

 

So while, by law, a creditor does have to "consider" the information they do not have to approve credit based on it and if they do so it as at their own risk.

 

It looks to me like a bit of a scam however there are areas where lenders can lend to people that don't qualify using conventional criteria. Developing ways to evaluate this data in such a way as to make a financially sound lending decision is still evolving and the associated actual credit risks not well understood or quantified.

 

I suspect this business is promising* more than they can deliver. I don't see them publishing any statistics on what percentage of folks have gotten credit through using this.

 

*In their fine print they disclaim specific promises.

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Here's an interview. The founder used to run EQ's direct to consumer biz. There is a link in the article to the full interview.

 

http://blog.credit.com/2012/03/ecredable-lets-you-buff-your-credit-just-by-paying-your-normal-bills/

 

Perhaps the most pertinent question was:

 

Wouldn’t someone just give you the good stuff and not the bad stuff?

 

He skirted the question and it's a good one. They only record and verify the accounts the consumer gives them. Of course the regular CRAs will have collection, PR, etc. Presumably the baddies will show up there. No idea if they factor those in or even are granted access.

 

Check out the one comment about the article. IMO it's not ready for prime time let alone prime credit.

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Here's an interview. The founder used to run EQ's direct to consumer biz. There is a link in the article to the full interview.

 

http://blog.credit.com/2012/03/ecredable-lets-you-buff-your-credit-just-by-paying-your-normal-bills/

 

Perhaps the most pertinent question was:

 

Wouldn’t someone just give you the good stuff and not the bad stuff?

 

He skirted the question and it's a good one. They only record and verify the accounts the consumer gives them. Of course the regular CRAs will have collection, PR, etc. Presumably the baddies will show up there. No idea if they factor those in or even are granted access.

 

Check out the one comment about the article. IMO it's not ready for prime time let alone prime credit.

 

Precisely. If we could do that with EQ, EX, and TU, we'd all have 800+ FICO scores. Of course, then FICO scores would be utterly useless as predictors of default. See where I'm going with this?

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A secured credit card and or a secured loan (most) will report to the major big 3 credit reporting agencies and only cost you few dollars a month while building Positive Payment History.

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Most lenders offering government backed loans (fha,usda,va) are able to consider alternative credit if the consumer meets score requirements. EG: USDA requires a 580 score (all lenders pretty much require 640) and at least 2 1 year old TLs. If the consumer only has 1 TL of say 10 years,but a 640 mid score, they would not qualify. In this case lenders can (and many do) use alternative credit (utility,cell, insurance bills, etc) to establish a 2nd TL. USDA accepts this as well. So what would the point of this service even be?

Edited by Jordan0542

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Most lenders offering government backed loans (fha,usda,va) are able to consider alternative credit if the consumer meets score requirements. EG: USDA requires a 580 score (all lenders pretty much require 640) and at least 2 1 year old TLs. If the consumer only has 1 TL of say 10 years,but a 640 mid score, they would not qualify. In this case lenders can (and many do) use alternative credit (utility,cell, insurance bills, etc) to establish a 2nd TL. USDA accepts this as well. So what would the point of this service even be?

 

To line the pockets of Steve Ely and his cohorts, I guess. Just like lotteries and payday loans, this "service" will mostly take money from those who can least afford it.

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Most lenders offering government backed loans (fha,usda,va) are able to consider alternative credit if the consumer meets score requirements. EG: USDA requires a 580 score (all lenders pretty much require 640) and at least 2 1 year old TLs. If the consumer only has 1 TL of say 10 years,but a 640 mid score, they would not qualify. In this case lenders can (and many do) use alternative credit (utility,cell, insurance bills, etc) to establish a 2nd TL. USDA accepts this as well. So what would the point of this service even be?

 

To line the pockets of Steve Ely and his cohorts, I guess. Just like lotteries and payday loans, this "service" will mostly take money from those who can least afford it.

You forgot prepaid debit cards and Santander auto loans :D Edited by Jordan0542

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EQ,TU, EX have cornered the consumer credit reporting market.

 

They report bad info about us and we still buy that info from them.

 

eCredable has no chance.

 

I for one have never heard of them

 

and do not intend to have anything to do with them.

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The basic problem eCredable has is little to no data that correlates whether people that pay their rent or cell phone on time pay their loan obligations on time. This requires a large historical database otherwise it's just "stuff." eCredable doesn't seem to have made much progress in that regard. That's what I looked for when I briefly put on my investor hat. I would love to see something like this work. There are a lot of unbanked or underbanked peeps many of which would move heaven and earth to pay their debts. There are also others in the same situation that wouldn't pay a debt if their life depended on it. I would love to see some way to distinguish one from the other. So would every lender in the country.

 

Possibly he's using his CRA experience to provide a SWAG but that's all he can really do. The problem lenders have is the same. They don't know how to factor in this data to make a risk estimate. Back in the bad old days of bank credit it was all about who you knew, or who your daddy knew. People were ranked in a town. Were you born on the right side of the tracks? There's still some of that but much less than 50 years ago.

 

One of the reasons loan interest rates are as low as they are for most but also as high as they are for some is the increased ability of big data to reasonably predict credit worthiness. It's still seriously flawed but far better than it once was,

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