eCredable is a Data Furnisher
eCredable fills a unique role in the credit industry as both a Credit Reporting Agency and a Data Furnisher. Founded in 2009 as a Credit Reporting Agency, we originally helped consumers build a credit report and score with accounts not normally reported to the national credit bureaus that can be used in lending and credit decisions. Having expanded our capabilities to become a Data Furnisher, we also report these types of accounts to national credit bureaus on behalf of the consumer and small business owners, helping them build or enhance their credit reports and scores.
What’s a Data Furnisher? Simply put, a Data Furnisher is a company that supplies information about a consumer or small business credit history directly to Credit Reporting Agencies (also known as credit bureaus). Data Furnishers are obligated to comply with certain Federal and State laws and regulations. The most common laws are the FCRA (Fair Credit Reporting Act), the FACTA (Fair and Accurate Transactions Act), and the GLB (Graham-Leach Bliley).
Most Data Furnishers are actually the companies that own the account (e.g. bank, credit card issuer, auto finance company, etc.). However, since many service providers such as utility, phone, and internet companies do not report to any credit bureaus, eCredable has stepped in to fill this void on behalf of the consumer and small business owner. Because of our dual role as both a Credit Reporting Agency and a Data Furnisher, eCredable knows how to manage very sensitive data like PII (Personally Identifiable Information) and we take this responsibility very seriously.
eCredable has positioned itself as the “middleman”, allowing the consumer or small business owner to volunteer this valuable account history for reporting to the consumer or small business owner’s mainstream credit report and score. With their permission, eCredable acquires up to 24 months of payment history and reports the accounts to the credit bureaus. Consumer and small business credit scores like FICO® Score 8 and VantageScore® 3.0 benefit from having this information available to their credit scoring models. These scores are then used by lenders when making credit risk decisions about credit cards, personal loans, auto loans, and student loans.