Oct 4, 2011
#33: Steve Ely, CEO of eCredable, used to work for Equifax running the Direct Consumer Business. One of the challenges he experienced was they had a very limited scope in terms of how they could help consumers.
Consumers really wanted help with financial advice or with their credit file but that was not what they were there for. Their primary business was to serve companies, not consumers.
He left that company to become CEO of a company that does serve consumers and individuals.
A service that helps individuals build a true picture of their payment history that every creditor must take into consideration when they use other credit related information to determine your credit worthiness. What is the difference between traditional credit score lending and eCredable?
A numerical score based upon Amounts Owed (debt), Credit History (from debt products), New Credit (new debt), Type of Credit (debt), and Payment History (on the debt). In summary, borrow a lot of money and pay interest regularly over a long period of time and you will have a great credit score, allowing you to borrow more money, get lots of credit offers in the mail, and be a target for identity theft.
eCredable AMP (All My Payments) Credit Rating:
An A - F grade of your true payment history, NOT JUST PAYMENTS MADE ON DEBT PRODUCTS. Your electric bill, rent payment, daycare tuition, the month-to-month type bills most of us have that are never factored into a FICO score. If you have debt, your current payments are taken into consideration when you include that in your eCredable profile.
Who can eCredable help that FICO doesn't?