Why is alternative credit important?

The term “alternative” or “non-traditional” credit refers to the type of bills you pay each month such as rent, utilities, insurance and any other recurring payment obligations (i.e. payments for obligations other than “debt”) that are not typically reported to the major national credit bureaus, Equifax, Experian and TransUnion.

eCredable helps you report some of these accounts to some of the National Credit Reporting Agencies (NCRAs) to help you build or enhance your credit history. The accounts you can report using eCredable include gas, water, power, waste, mobile phone, land line, internet, cable and satellite TV. These accounts will direct impact your FICO Score® 8 (and newer) and your VantageScore® 3.0 (and newer) credit scores. Other types of credit scores may also benefit from having this information available in your credit files, but these two scores are very popular with lenders that use your credit score when evaluating your application for unsecured financial products like credit cards, personal loans, student loans, and auto loans.