The credit reporting system in the U.S. hasn’t changed much in the past 120 years. There have been significant advancements in the use of technology and better scoring methods with the availability of new and different types of data, but the basic approach to a consumer building a credit history hasn’t changed. You need credit to get credit, and this “Catch-22” has resulted in ~45 million adults that can still not be scored using traditional credit scoring models (according the CFPB).
eCredable set out to change this when the company was founded in 2009. Led by a former President of Equifax and a seasoned group of professionals who have built and sold many companies, we took on the challenge of fundamentally changing the way consumers and small business owners start on their lifelong financial journey of building and maintaining a useful credit profile.
eCredable has built the on-ramp to financial inclusion for every person that wants to take advantage of the mainstream financial ecosystem in the U.S. The system requires consumers to be credentialed with a credit score that is universally recognized by creditors for underwriting. We are uniquely positioned to help by empowering consumers and small business owners with the ability to include new accounts – like phone and utilities – in their credit reports to directly impact their credit scores. Credit scores like FICO® Score 8 and VantageScore® 3.0 are examples of the types of credit scores we impact, and the types of credit scores used most frequently by lenders.
Armed with a credit score they can use, any consumer or small business owner can apply for credit offers in our Marketplace. We have curated a set of offers that use the credit reports and credit scores that we directly impact, thereby increasing the approval odds of the applicant. Once they have a credit product that they use wisely, their traditional credit reports are enhanced and their credit scores should continue to improve over time.
We also work with strategic partners who benefit by providing our “credit building service” to their customers. This broadens our reach to millions of consumers and small business owners. Companies providing credit education supported by a variety of tools to enhance the financial life of the user will also benefit from using eCredable Lift® to help their customers build or enhance their credit scores.