Session Details

Giving Credit Where Credit is Due

Consumers who are evaluating a debt relief program often cite a concern about the erosion of their credit score when evaluating the overall benefit of debt settlement services. Very few truly understand the myriad factors that go into calculating one’s credit score. While traditional credit bureaus model consumer scores using traditionally reported trade lines from credit accounts such as Mortgage, Credit Cards, Private Label Store Cards, Auto Loans and Personal Loans or Leases, this only tells part of the story of a consumer’s full payment history and ability to meet their monthly payment obligations.

eCredable is a fully FCRA-compliant Credit Reporting Agency (CRA) which has developed a credit scoring model for consumers that considers the typical payments consumers make each month that traditional credit bureaus do not consider such as Rent, Water, Gas, Telephone, Cable, Satellite TV, Garbage Collection and now – Trust Account Savings Deposits as part of a Debt Settlement Program. These off-bureau payments help to illustrate a more complete picture of a consumer’s payment history, giving greater credit to a broader type of payment obligations consumers make each month. Consumers can also take advantage of a growing marketplace of lenders who recognize and underwrite various credit products exclusively using the eCredable credit scoring model.

With direct integrations completed or underway with the major Trust Account Providers, consumers entering a debt settlement program can use the trust account payment as a new reporting tradeline to help rebuild their credit score after completing a debt settlement program and get back on their way to a higher credit score much sooner after graduating from debt settlement.