eCredable offers a way to add utility payments to your credit report. This can help you improve or establish a credit score, especially if you have a thin credit file or not enough records to generate a score, this can be helpful.
This eCredable review will show you the services this company provides, how it works, its pricing plans, and what it can and cannot do to help your credit score.
eCredable Lift & LiftLocker
eCredable Lift helps you build credit by reporting utility payments. LiftLocker helps you monitor your credit score and finances. eCredable could be a great service if Lift reported to more than just TransUnion. Because it only offers single-bureau reporting, Lift is easily overshadowed by its competition.
Unlimited utility accounts
Great personal finance tools
Allows business credit accounts
Only reports to TransUnion
Complicated linking process
Slow customer support
What Services Does eCredable Provide?
eCredable is a service that allows you to build credit through alternative credit accounts.
Once reported, this alternative credit can be used in credit score calculations. Your on-time rent and utility payment history can actually help you build credit.
eCredable charges an annual fee of $24.95 to report up to 8 different types of utility accounts to TransUnion. As part of their service, they will report ongoing utility payments and up to 24 months of past payment history.
Businesses can also use eCredable, with a one-time setup fee of $49.95 and a $9.95 monthly fee.
For those that don’t have a credit score, reporting these accounts can help them establish one. And for those trying to improve or rebuild their credit, reporting these accounts can help give them a boost.
eCredable also offers services for credit monitoring and financial planning, as well as a version of their credit-building package geared towards helping business owners build their business credit.
How Does eCredable Work?
By adding your utility payment history to your TransUnion credit profile, eCredable can boost your payment history, length of credit history, and other factors that contribute to credit scores based on your TransUnion credit report.
The subscription sign-up process is simple, and linking your utility accounts to eCredable is straightforward.
⚠️ Before signing up, you should be aware that eCredable cannot guarantee that adding your utility payments will improve your credit score or that TransUnion will even accept the payment history being added.
How to Sign Up
- Start by going to the eCredable website and selecting the “I Want Lift” option.
- You will be taken to their sign-up form, where you will need to enter your personal information. This includes name, date of birth, social security number, and other information. You will also have the option of setting your login email address and password.
- You will then need to agree to eCredable’s terms of service.
- After that, you’ll need to provide your payment information.
- Once that is complete, eCredable will need to verify your identity and then process your payment.
- Finally, eCredable will establish an account profile for you where you can begin linking your utility accounts.
Linking Your Utility Accounts
Navigate to your eCredable account profile. Here, you can start linking utility accounts for select services, including mobile phone, cable, internet, landline phone, electricity, water, waste, and gas.
During the linking process, you’ll be required to provide your login information for your utility accounts. This is so eCredable can pull key information from your accounts, including payment history.
Once your accounts are successfully linked, it will take eCredable several days to pull the necessary information and begin reporting to TransUnion.
⚠️ While you can link an unlimited number of utility accounts, eCredable does not support all providers.
The initial sign-up steps for LiftLocker are the same. You’ll need to enter your personal information to create your account and link all of your utility accounts to begin reporting them.
Additionally, you will have options to link your eCredable account to your bank/credit accounts and your TransUnion credit profile.
Linking your bank and credit accounts (i.e., credit cards) to eCredable gives you access to LiftLocker’s budgeting and financial tracking tools.
Linking to your TransUnion credit profile enables the credit monitoring, tracking, and score simulator tools and resources.
Canceling eCredable Subscriptions
You can cancel your eCredable membership at any time, and eCredable is usually able to process cancellation requests within 24 hours. There is no cancellation fee.
If you cancel, any membership payments you have made will be forfeited. For example, if you went with the annual payment for the Lift plan and canceled service after 4 months, you would still be out the prepayment for the remainder of your 12-month plan.
eCredable Lift vs. LiftLocker
eCredable offers two credit-building packages, Lift and LiftLocker.
The first option, Lift, is their credit reporting service. This service lets you link your utility accounts and have their payment history reported to the TransUnion credit bureau.
The reporting service supports a limited number of providers, including
- Atmos Energy
- Southwest Gas
The utility providers list changes based on the state you reside in.
This credit reporting service supports links to an unlimited number of utility accounts and reports up to 24 months of payment history if the utility company provides it.
The LiftLocker package comes with the same credit reporting services that Lift does and includes additional features, such as
- Credit monitoring (TransUnion Credit Report)
- VantageScore simulator
- Identity theft alerts
- Budgeting tools
- Document storage & sharing
- Property estimates
Many of these services are provided by linking to your TransUnion credit report. The budgeting tools will require you to link all of your bank accounts, credit card accounts, etc. to eCredable’s platform.
eCredable has two packages; Lift and LiftLocker.
eCredable Service Package Comparison
In addition to their personal credit building services, eCredable also offers business credit building services for an initial $49.95 setup fee and a $9.95 monthly fee.
⚠️ Note: eCredable does not provide any kind of free trial or money-back guarantee on its services. If you cancel their service, no refund will be issued.
For a company that has been in business since 2012 (according to the BBB), there are alarmingly few reviews for eCredable’s products.
Is this a sign that they are doing an excellent job, or is it a red flag?
Trustpilot and Facebook, for example, have zero reviews. And the Google Play store only has one review, a negative one citing an inability to use the app or reach customer service.
Even the BBB has few reviews. One negative review focuses on the lack of customer service. While one positive review cites the affordability of the service.
On the price side of things, per the Google reviews and an old MyFICO thread, it does appear that eCredable recently improved its pricing structure. Previously, they charged $20 per utility account.
The Google reviews are a mixed bag. Many negative ones again focus on the difficulty with customer service.
But there are also many positive reviews. From both customers who saw an increase in their personal credit score and those using eCredable’s business credit building services.
eCredable is just one of many companies dealing with reporting alternative credit. Most of these companies focus on just one to two types of alternative credit, such as utilities or rent. There are a few that report multiple types of alternative credit.
Below are 3 competitors to eCredable’s service.
|Utilities and subscriptions
|Credit monitoring and Experian credit score
|Subscriptions & mobile Phone
|Equifax, Experian, & TransUnion
|Multiple plans ranging from $0 to $9.99/month
|Utilities and rent
|TransUnion for utilities, all 3 major credit bureaus for rent
|Credit monitoring & identity theft insurance
|$6.95/month + a $49.95 setup fee
When looking at the competition, eCredable’s cost is about average for what other providers are charging. They do make you jump through a few more hoops.
For instance, Experian BOOST™ looks through your bank statements for recurring payments and adds utility accounts to your Experian credit report using this information. eCredable, on the other hand, requires you to directly link your utility accounts to their platform.
Is eCredable Worth It?
According to eCredable’s own credit building scenarios, their reporting service is best for those with no credit, a thin profile (very little credit), and those with few active credit lines (i.e., most of their credit lines are closed).
Those who already have decent credit or who have a good length of average credit history will not benefit from eCredable. In fact, for specific consumers, adding utilities to their credit report may actually lower their credit score.
Reporting utility payments can help you build credit, but eCredable may not be the best choice.
While they tout excellent security, you have to give them login info for all of your utility accounts. If you are unwilling or unable to provide this information, then eCredable won’t work for you.
Also, eCredable only reports to TransUnion. This limits your ability to use this service to improve all of your credit scores. Grow Credit or Experian’s free services would be the better bet if you just want to see how alternative credit might improve your credit score.
While eCredable’s price point is decent, it is not a great standalone service. You could use it in conjunction with other credit-building services.
If you are looking for convenience, the LiftLocker package with credit reporting and credit monitoring services could be a worthwhile value.
Before signing up for any paid credit-building service remember that it is completely possible to build credit for free.
eCredable could be a great service if Lift reported to more than just TransUnion. Because it only offers single-bureau reporting, Lift is easily overshadowed by its competition.
eCredable’s other package, LiftLocker, does provide some value with its credit reporting and credit monitoring services. Competitors like Experian Boost still offer similar services for a lesser price.
When you are trying to build credit, having these alternative credit lines reported to the credit bureaus can give you a boost, but there is no guarantee. It might be better to try a free service first, and if that works, then maybe consider adding Lift or LiftLocker as part of your overall credit-building strategy.