097 Financial Excellence: eCredable Should Replace the FICO Score

Living In Financial Excellence

14 Feb 097 Financial Excellence: eCredable Should Replace the FICO Score


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Episode 97: eCredable is the long awaited alternative to the FICO score, Feb 14, 2012.

Today I interviewed Steve Ely, CEO of eCredable. eCredable is a credit reporting agency but they do things a little different than the big three (Experian, Trans-Union, and Equifax). eCredable looks at more than just your debt payments and history. They actually consider your utility bills, rent, and any other payments you’ve made over time. How cool is that?

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Show notes:

  • This episode is sponsored by Mozy Pro for Business: The fast, simple way to back up your business so you don’t have to worry when your hard drive crashes. Save 15% by using the code podcast15 when you sign up through the link above.
  • Many people we work with are trying to eliminate their debt but they may want to buy a house someday. If they need a mortgage, they need a good credit score. Unfortunately the FICO score relies on them staying in debt so they can have a good credit history.
  • eCredable takes into consideration all your payments. This includes rent, utilities, current mortgage payments, alimony, child support, or any other regular payment that has a paper trail and can be verified.
  • eCredable has been working with Churchill Mortgage and is endorsed by Dave Ramsey, so it’s not just me who thinks this is a good idea 🙂
  • eCredable is a great option for young people who are just getting started, for immigrants who have no credit history in the US, and for folks whose credit was damaged for one reason or another. This is a fantastic way to prove your creditworthiness to lenders without going back into debt.
  • If a lender is considering credit history information when deciding to give you a loan, they are required by law to consider alternative sources of credit history. You can give them a shoebox full of receipts or you can give them your eCredable AMP rating.
  • AMP stands for All My Payments and gives you a score from A to F, which seems to be a lot easier to understand than some three digit number…
  • There’s never been a better time to buy a house. If you’re on the fence because you don’t think your credit is good enough, you definitely should check out eCredable.
  • Their website is eCredable.com. You can follow Steve_Ely on twitter or follow @tweetecredable if you want to keep up with the company. I think you should. ;o)
  • You can influence what we talk about in future shows. Simply fill out this three-minute survey.

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4 Comments
  • Kim
    Posted at 06:30h, 15 February

    Thanks for the heads up on this service. What a great idea whose time is way overdue! As an FPU facilitator I love having an option to recommend to folks. The idea of your credit score relying on staying in debt is so ludicrous! Thanks for the information.

    • Matt Wegner
      Posted at 14:03h, 15 February

      Yes, eCredable is AWESOME!! I’m so happy to see a viable alternative, and it’s affordable too. Good stuff!

  • Carnival of Financial Planning - Edition #224 - February 17, 2012 | Aaronhung.com
    Posted at 08:01h, 17 February

    […] presents eCredable Should Replace the FICO Score posted at Living in Financial Excellence , saying, “Today I interviewed Steve Ely, CEO of […]

  • Super Frugalette
    Posted at 23:16h, 18 February

    Great post. It makes so much sense. I have never heard of ecredable before.