Verifications

All About Verifications

Why is it important to have my bill payment information verified?

Bill payment history that is not voluntarily reported by the account holder does not reside in a database at the major credit bureaus in the same way that traditional credit does.  For that reason, bill payment accounts must be compiled and verified by a credit verification company for the creditor to accept them for consideration.  Verification means that each bill payment account holder is contacted by a special credit  verification company to verify the current status of the account and the payment history for the account. 

It is very important for anyone reviewing your AMP Credit Report to know that the information it contains has been verified by a source they know they can trust, and that it meets industry best practice standards for accuracy and authenticity.  That is why eCredable has partnered with some of the premier credit reporting and verification companies in the country to conduct the investigation and verification of all bill payment account history. 

eCredable’s verification providers are members of the National Credit Reporting Association (NCRA), their verification staff is Fair Credit Reporting Act (FCRA) certified, and all verifications meet or exceed the guidelines of Fannie Mae, Freddie Mac, HUD and FHA.  Our verifiers are well known in the financial industry and already provide a variety of credit related products to banks, credit unions, mortgage lenders, finance companies, landlords and property managers, and dozens of other financial institutions who regularly check consumer credit.

Can I print my AMP Credit Report before my bill payments are verified?

Yes. You can create an AMP Credit Report with bill payments that have not been verified.  An AMP Credit Report containing only bill payments that have not been verified will not contain an AMP Credit Rating since the rating is based on current verified accounts.  Your AMP Credit Rating can only be printed after your bill payments have been verified.  Upon completion of the verification process, your report is ready to be presented to anyone checking your credit.

Which verified bill payment accounts should I include in my AMP Credit Report?

Generally, you should have at least 3 months of payment history on any bill payment accounts you report.  Different types of credit grantors may have different requirements for “months reviewed” (the number of months you have been paying on a particular account), or may give more weight to certain types of accounts.  A financial institution will most likely want to see a minimum of 3 accounts with at least 12 months of payment history, and may also want to see as many Tier I and Tier II accounts as possible.  Landlords, property managers and service providers will each have their own individual requirements.  Industry standards rank alternative credit categories in “Tiers”, or by order of significance of the specific account type:

• Tier I payments includes rent, utilities, and telecom payments.
• Tier II payments are those the borrower paid directly to insurers (excluding payroll deduction) for medical, automobile, life, household, or renter’s insurance.
• Tier III payments include payments to local merchants or child care providers, payments for tuition or any loans obtained from non-traditional lenders.  You may look to local merchants, such as furniture rental dealers or retailers who offer layaway plans, as long as these plans provide for regularly scheduled payments.  Regular deposits into a savings account for a minimum of 12 months qualify as an alternative credit source.  Additionally, many other types of monthly or regular payments such as club memberships, association dues, medical bill payments, equipment leases, time share payments, etc. are acceptable sources of alternative credit.

What if I close a bill payment account that was previously verified?

Closed bill payment accounts with a payment history that falls in the most recent 24 months can be re-verified and included in your report, and will be calculated in your  AMP Credit Rating. Verification of closed bill payment accounts never expire, meaning once they are verified they will always be “current” and will always be calculated in your rating when included in the AMP Credit Report.  However, it is important to note that the older the closed date becomes, the less impact it will have on your rating.  

Do I need to report all of my bill payment accounts?

Most creditors will generally want to see a minimum of three (3) to four (4) alternative credit accounts.  You should consider including as many bill payment accounts as you can, especially those that fall into the Tier I and Tier II categories.  You do not have to report all of your regular payment accounts, but what you leave out may in some cases be as important as what you put in.  As an example, let’s say your eCredable AMP Credit Report contains rental payments but no utilities.  If your utilities are not included in your rental fee, a credit grantor may wonder why you chose not include your utilities on your AMP Credit Report.

What type of bill payment accounts should not be reported on my eCredable AMP Credit Report?

The following are examples of accounts that would not be acceptable bill payment accounts:

1. Accounts that are paid through payroll deduction
2. Accounts that are not paid on a set or regular payment schedule
3. Accounts that are paid less frequently than once every three months
4. Private loans, payment accounts or home/apartment rental accounts paid with cash or other tender that does not provide a verifiable payment history (such as canceled checks, creditor statements or proof of electronic bill payments.) 

How do I get my bill payment information verified and how long will it take?

Once you have registered and created your eCredable account you may begin entering your monthly payment accounts and order verifications at any time.  It is very important that all fields be completed and that you double check to be sure all information such as account numbers and contact phone numbers are entered correctly.  Errors in this information can result in a rejection of your verification request and possible additional verification charges.  Just follow the easy steps outlined below:

1. Login into your eCredable account
2. Verify that all information, especially contact information and account numbers are correct
3. Click “Verify Bill Payments” to  go to the verification page.
4. Once at the verification page click “Place New Request” to submit your verification request.
5. Check the box in front of each account you wish to have verified, then Click “Request Verification”
6. Read and accept the “Verification Terms and Conditions Agreement”
7. Check your payment method and Click “Continue”
8. Follow instructions for completing and faxing the “Consumer Authorization Form”
9. Once your payment is complete and your verification has been ordered, click “Return” to return to the “Verify Bill Payments” page

Once the Consumer Authorization Form and other required documentation has been received by our processing staff, your verification will generally be completed in 3 to 5 business days.  Please note: verifications cannot begin until we receive ALL required documentation, including the eCredable Consumer Authorization.  However, some creditors or landlords may take longer depending on responsiveness or their verification policies.   You can login to your account at any time to view the status of your verification requests by simply clicking the “Verify Bill Payments” from your eCredable dashboard.

Why is it necessary for me to sign and return an eCredable Consumer Authorization Form?

When creditors are asked to provide credit or payment information on their customers, they want to know that the people making the request have a legitimate reason for receiving the information.  The creditor also wants to know that they are providing information at your request.  By signing the eCredable Consumer Authorization Form, you are providing the creditor your permission to give the eCredable verifier the information they need to complete your verification order.  Without the completed authorization form, the verifier cannot begin work on your verification request. 

For your convenience, you may Fax your completed authorization form to eCredable at (888) 512-5938, or you may scan it and uploaded it directly into your secure eCredable online account.

When should I order verifications and my AMP Credit Report?

You should order your bill payment verifications and your AMP Report as close to the date you need it as possible, taking into consideration the time necessary to complete the verifications.  This will ensure that the report is as current as possible when you present it.  Just like traditional credit, most creditors will generally want to see the most up to date picture possible of your alternative credit file, to ensure that you have paid all of your monthly obligations on time.

Many creditors typically require that the reported “active” accounts (open accounts you are currently paying) be verified within 30 days or less. Creditors such as mortgage lenders may need the reported active accounts to be verified within the month that they are using the report. Other types of businesses, such as employers, may accept your report if it is older than 30 days.  For this reason, verifications must be completed within 45 days to be included in the AMP Credit Rating.  Creditors will depend on the AMP Credit Rating to provide a rating of your most current payment history.  Verifications 45+ days old can be included in your AMP Credit Report, but will no longer be factored into your AMP Credit Rating.
 

Why is it important for my verifications to occur just before presenting my AMP Credit Report to a creditor?

Because creditors need to evaluate credit information that falls within an acceptable time window, they depend on the AMP Credit Report and AMP Credit Rating to reflect current payment history.  This time period is a maximum 30 days for most creditors, up to 45 days for others. For that reason, payment accounts that have had verifications over 45 days prior to the date you create the AMP Credit Report will not be calculated in your AMP Credit Rating.  You may still show bill payment accounts with verifications over 45 days old on your AMP Credit Report for your creditor to review. 

What is the charge for verifying my bill payments?

If you are a Loyalty Member the cost is $15 to verify each non-rent accounts, and $20 to verify rent or a private mortgage.  If you are not a Loyalty Member, the verification cost is $20 to verify each non-rent account, and $30 to verify rent or a private mortgage.

Updates to previous verifications are conducted at the same fee as outlined in this section.

Why is there a charge for verifying my bill payments?

Verification of your bill payment accounts is a labor intensive process that includes such actions as verification of the creditor as a legitimate business entity, verification of any provided account documentation, and at least one, but often multiple calls to each creditor.  All verifications are performed by FCRA certified verification specialists who are specifically trained to verify credit accounts and understand all aspects of the Federal Laws, Fair Credit Reporting Act (FCRA), Fair and Accurate Credit Transaction Act (FACTA), Equal Credit Opportunity Act (ECOA), as well as Federal and State Laws regarding privacy and security of information.  The work they perform insures the accuracy and authenticity of your eCredable AMP Credit Report.

My verifications are complete.  Now what?

Once your verifications are complete, simply select the verified bill payment accounts you wish to include in your AMP Credit Report.  Your verified AMP Credit Report is ready for you to use, print or share.

What if I discover inaccurate information in my completed verification?

eCredable wants your report to be as accurate as possible.  If you find information contained in a completed verification to be inaccurate, there are two steps you should take. 

Step One: Notify eCredable as quickly as possible.  For your convenience, eCredable has provided a simple online dispute process. 

Step Two: It is also important to alert the creditor who provided the information.  You will receive the quickest response if you contact your creditor by phone.  You may also contact the creditor in writing.  You should include copies of statements or cancelled checks that support your claim, and keep the originals for records.  It may be helpful to include a copy of your verification with the disputed information highlighted.  Send your dispute via certified mail with return receipt requested. Keep a copy of the letter for your records along with any enclosures you sent.

Once eCredable receives your dispute, we will immediately begin a reinvestigation of the inaccurate information.  You will be notified promptly upon completion of the dispute.  Occasionally, you and the creditor may not agree on the information provided in the verification.  eCredable is obligated to report account information as it is re-verified by the creditor.  In this case, you have the option to eliminate the item in question from your AMP Credit Report and AMP Credit Rating. 

Because your verified accounts are very time sensitive to most creditors, you have the option to create and use your AMP Credit Report and Rating without the disputed account.  This will allow you to present your report and rating while any other verifications that were performed are still current. 

How do I add Bill Payments?

You can add bill payments online through your eCredable account at anytime by following the steps below:

1. Login to your eCredable account.
2.  Click on “Manage Bill Payments,” then click on the “Add Bill Payment” button.
3. Next, click on the drop down arrow to choose your “Bill Payment”
4. Then fill in the requested information and if you wish to have eCredable help remind you to make your payment by automatically emailing you, simply check the box in your “Reminder Settings.”
5. Now click the “Save Button” to add your Bill Payment to your file.

How do I remove a Bill Payment?

Login to your account and simply delete the bill payment:

1. Login to your eCredable account.
2. Click on “Manage Bill Payments,” from here click “Delete” next to the bill account you want removed.
3. Next, click the “Ok” button in the pop-up window to confirm your deletion.