What account types are eligible for an On-Demand Account Verification and reported to Business Credit Bureaus?
To be considered an Eligible Business Account, payments must be made monthly, or no less than quarterly, for business expenses such as:
- Office/warehouse/storage rental
- Furniture and equipment leasing
- Business Insurance
Service providers must be a) readily recognized as a legitimate business entity, or b) verifiable in accordance with eCredable’s internal verification standards. eCredable reserves the right to determine the eligibility of any service provider. If a provider is accepted, the payment information it provides can include up to 24 months of payment history, which can include prompt, slow or late payments.
Accounts not eligible for manual verification include, but are not limited to:
- Financial services such as banks and credit unions, credit card companies
- Virtual offices
- Business credit counseling
- International companies
- Accounts paid to a business or individual that cannot be verified as a legitimate business entity
Why is it important to have my bill payment information verified?
In the event your business credit score isn’t as high as you need it to be, there are a couple of ways manually verifying your accounts might help.
- Adding Months of Payment History to a Linked Account: When you link your business phone, internet or utilities, eCredable will attempt to download all the available payment history in your online account on the service provider’s website – up to 24 months. If your account is 24 months old, but 24 months of payment history was not available for download, the additional payment history can be manually verified and reported to business credit bureaus to be added to your business credit report(s). In this event, you would place a verification order for the account(s) which you wish to have verified, and eCredable will take care of the rest. The account(s) payment history will be manually verified by eCredable’s verification partner, and reported the next time eCredable sends updates to the business credit bureau(s). Reporting additional on-time payment history can have a positive impact on your business credit score(s).
- Adding an Eligible Unlinked Account: eCredable works with some business credit bureaus who will accept eligible accounts you are unable to link, such as office rent, business insurance, business services, office furniture and equipment leases and legal services., Reporting these types of accounts may also have a positive impact your business credit score(s).
NOTE: At this time, eCredable ONLY reports manually verified accounts to Creditsafe and Ansonia. Manually verified accounts will only be reported once per verification order and will age naturally over time in your Creditsafe and Ansonia Credit Report. Each business credit bureau has their own credit reports and policies regarding how information ages, but it’s typical that accounts drop off your business credit reports after 36 months if it has not been updated.
What if I close an account that was previously verified?
Once an account is manually verified and reported to business credit bureaus, it remains on your business credit report until the bureau “ages” the payment history over time and allows it to drops off the report. Each business credit bureau will have its own policy for how many months or years of payments they report on business accounts. Additionally, each bureau will have its own policy for how long it will report closed or inactive account.
How do I get my account information verified and how long will it take?
Place the verification order from MY VERIFICATIONS on your eCredable account Dashboard. The verification process will generally be completed in 3 - 5 business days. However, some creditors or landlords may take longer depending on responsiveness or their verification policies. You can login to your account at any time to view the status of your verification requests by simply clicking “My Verifications” from your eCredable dashboard.
It is very important that that you enter all of your business account’s information accurately. Errors in this information can result in a rejection of your verification request, unnecessary delays in processing the verification order, and possible additional verification charges.
Please note: verifications cannot begin until we receive ALL required documentation, including the eCredable Consumer Authorization.
Why is it necessary for me to sign and return an eCredable Consumer Authorization Form?
When a service provider is asked to verify customer account and payment information, they want to know that the entity making the request has their customer’s permission. By signing the eCredable Consumer Authorization Form, you are providing the service provider your permission to give the eCredable the information they need to verify your account. Without the completed authorization form, the verifier cannot begin work on your verification request.
What is the charge for verifying my accounts?
The verification cost is $19.95 (Nineteen dollars and ninety five cents in US Dollars) to manually verify any account. Verification fees are NOT refundable. This is because once you submit your Verification Order, it is immediately routed to our Verification Partner and work begins on your verification very quickly.
Why is there a charge for verifying my accounts?
Verification of your accounts is a labor intensive process that includes multiple actions such as verification of the service provider as a legitimate business entity, verification of any provided account documentation, and at least one, and often multiple calls to each service provider. Faxing information or a conference call between you, the verifier, and the service provider is not uncommon. All verifications are performed by FCRA certified verification specialists who are specifically trained to verify credit accounts and understand all aspects of the Federal Laws, Fair Credit Reporting Act (FCRA), Fair and Accurate Credit Transaction Act (FACTA), Equal Credit Opportunity Act (ECOA), as well as Federal and State Laws regarding privacy and security of information. The work they perform insures the accuracy and authenticity of your account information and payment history.
What if I discover inaccurate information in my completed verification?
eCredable wants your business credit report(s) to be as accurate as possible. If you find inaccurate information, you should dispute the inaccurate information as quickly as possible. You may submit a dispute:
Once eCredable receives your dispute, we will immediately begin a re-investigation of the inaccurate information. You will be notified promptly upon completion of the dispute. Occasionally, you and the service provider may disagree on the information. eCredable is obligated to report account information as it is re-verified by the service provider.
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