Does everyone have a credit score?

Because not everyone has a credit file with the national credit bureaus, not everyone will have a FICO credit score. In order to have a FICO score an individual must have at least one active credit or debt based account reported to the national credit bureaus within the prior 6 months. Individuals who have not developed the type of credit accounts that are reported to the national credit bureaus do not have a credit report and do not have a FICO credit score.

Other people who typically do not have a credit score are young individuals who have not had an opportunity or a need to develop credit, students, divorced or widowed individuals whose spouse handled all the family finances, recent immigrants, individuals who have had previous credit problems and have not reestablished a credit profile, individuals who deal in cash only, and individuals who have made a conscious decision to lead a debt free life.

However, most adults in the U.S. pay monthly bill like phone, internet and utility bills. even though they have not established a credit history that is reported to the national credit bureaus. These types of monthly expenses or bill payment accounts, are called “Alternative Credit.” eCredable empowers you to have this information reported to participating National Consumer Reporting Agencies (NCRAs) to impact your FICO Score® 8 (and newer) and VantageScore® 3.0 (and newer) credit scores.