Has anyone here heard of or used eCredable ?

Question

I received an email about it today and did some resaearch but didn't find much info on them. Basically it is a voluntary credit bureau that allows you to report your monthly bills like phone bills, cable bills, etc. Basically anything that may not show up on your regular credit report. Since it is voluntary YOU have to pay $20 per bill per month to report to them and they claim to verify the bill with the company to make sure it is yours. Also the website says that creditors are required by law to take their report into consideration when applying for credit....is this true?  Here is the website: http://www.ecredable.com/pricing 

Answer 1

CreditGuyInDixie wrote:
The link worked for me.  The website is right that lenders are required by law to consider data that could reasonably support a person's reliability in paying his debts, e.g. utility bills, rent payments, etc. even if the accounts in question do not appear in a particular CRA's database.  The website seems to suggest, however, that the only way you might be able to get creditors to do that is via this particular web portal, which is not true I don't think. The law in question is Regulation B of the Equal Credit Opportunity Act.  John Ulzheimer discusses it here: http://www.thedebtmyth.com/regulation-b-and-credit-reporting/ There's been increased interest in developing ways to support borrowers who do not have enough data for a traditional score, or who do but who have additional supplementary records like never missing a rent or electric bill payment at the place they have been living for the last 8 years.  Regulation B can even be leveraged by people with decent/good credit but who have a relevant record that doesn't appear in their current report.  (An example would be a person who had a really nice mortgage history account on his report which fell off his report recently.) I think Reg B is a good thing, though as a matter of practical guidance I would always recomend to any friend of mine that he do the legwork to build a traditional file with the Big Three.  Even people with bad credit can start with a secured credit card with a small credit limit and go from there.  This is great information! Thank you . I am working hard on cleaning my credit and things are going a lot great but I figured if I could add another clean file why not? This almost seemed like a scam but I guess there exists companies like this. I hinestly did not know they had to consider other payment histories. I will remember this next time I get a car or other loan.