Key Takeaways
- eCredable Business reports on-time payments to credit bureaus.
- The platform supports over 3,500 utility and service providers.
- eCredable Business Lift claims to report to Dun & Bradstreet, Experian, Equifax, and CreditSafe, but reports may focus on Equifax.
- Up to 24 months of payments like rent, utilities, and phone bills can be reported to build credit.
- eCredable Business pricing ranges from $19.95 to $39.95 monthly.
- While reliable for some, limited transparency and mixed reviews leave room for improvement.
It’s well known that you can leverage online services to report your on-time bill payments to credit bureaus. eCredable Business is one of the few options that offers this kind of credit builder service for businesses. I’ve done my homework on the platform. And, now, I want to give you the scoop.
Here’s what I found out:
- What is eCredable?
- What Utility Accounts Does eCredable Report?
- How Much Does eCredable Cost?
- Frequently Asked Questions
- Conclusion: Is eCredable Legit?
What is eCredable?
eCredable is a credit-building platform that can help you get recognized for paying everyday bills like:
- Rent paymennts
- Cell phone bills
- Subscription services
- Utility payments
Through their service, eCredable Lift, anyone can allegedly report up to 24 months of payment history to TransUnion. This could potentially boost your credit scores quickly, helping you qualify for better credit cards, loans, and even save money by securing lower interest rates.
To use eCredable Lift, you link the account you use to pay your bills. The platform identifies eligible payments, reports them to the credit bureau, and continues to report ongoing payments each month. They work with over 3,500 service providers, making it easy to get credit for payments you already make.
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How eCredable Business Lift Works
The idea behind eCredable Business Lift™ is that the company reports on-time payments for vendors, utility bills, or rent to business credit bureaus.
If you sign up for the business package, upon verification, eCredable claims that they will report to Dun & Bradstreet, Equifax Business, Creditsafe, and Experian, four business credit bureaus. In one self-written review, the company claims this can “immediately boost your credit score across the threshold from poor to fair or from fair to good.”
My students have consistently reported that eCredable has been reporting to Equifax only, and that they just need to upload a business utility bill to their platform as outlined on the site.
For the system to work, you need to connect to your online utility pay account. This means that you will have to establish the online pay option for each account that you want reported. After an account is linked, you can expect eCredable to download up to 24-months of payment history and report within 1-5 business days.
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Company Overview
According to eCredable’s customer support, the company isn’t owned by another company. I turned to Crunchbase and found out that the company was founded in 2009 by Cutch Moore, Robert Williams, and Terron Lindholme, located in Alpharetta, Georgia.
For Cutch Moore, the company President and COO, who has a background in business consulting and real estate brokering, eCredable is his central venture.
The same goes for Terron Lindholme, except that his background is in entrepreneurship and sales. These two appear to be dedicated and established at the company. Finally, Robert Williams no longer seems to be with eCredable, but to have moved on as a serial entrepreneur—it happens.
Despite a low-star rating on the platform, eCredable maintains an A- rating through the Better Business Bureau (BBB), and they are BBB accredited. This indicates that they must work to resolve all of their complaints. And, 17 complaints in three years isn’t all that many for a financial service.
On Trustpilot, eCredable only has a 3.2 (out of 5)-star TrustScore. But, they only have one review from a consumer claiming that eCredable is a fake company…the company is not fake.
So, I take these reviews with a grain of salt. For one, there isn’t a large enough sample to make any solid judgements. Secondly, most of the complaints seem to be written about consumer accounts — not business accounts. However, with 12+ years in business, maybe eCredable should have more solid, positive reviews.
What Utility Accounts Does eCredable Report?
One of the repeat complaints I used to read about eCredable had to do with a lack of transparency about the accounts that a person or business can report and which. When I searched on my own, I wasn’t able to easily find a good answer either.
According to one alleged user in 2020, it seemed that the online system wasn’t connected with Verizon, AT&T, Charter Spectrum, nor several other smaller utility companies. But, now, the company claims to link seamlessly with over 3,500 utility companies and service providers in the United States (this number used to be 2,200).
So, here are the facts for business users.
eCredable collects and reports account information and payment history to business credit bureaus in two ways:
- Automated linking between eCredable and your utility account from inside your dashboard.
- “On-demand” or manual verification.
And, eCredable has limits on which accounts are reported to which business credit bureaus. Let me elaborate for some clarity.
1. Automated Utility/Vendor Account Linking
Automated account linking provides the most convenient option for businesses to connect utility accounts in the eCredable platform. They can securely download your account details instantly. They report two years of payment history right away, then will continue to automatically report your payments every month.
To find out if your current utility or vendor accounts could be linked in the platform, you used to be able to use eCredable’s utility search tool.
Sadly, this tool no longer exists, which means you’ll have to sign up for an account and enter your payment details before you can see if your utility companies are compatible.
Still, they do have manual options for account reporting.
2. On-Demand Utility/Vendor Account Verification
“On-demand” account verification is a solution to add accounts that aren’t part of eCredable’s automated linking network. This includes vendors, suppliers, office rent, business insurance, various business services, business credit cards and loans, office furniture/equipment leases, and legal services. Essentially, you provide account details to eCredable who manually verifies your utility or vendor account.
Note that manual verification can take between 1-7 days, depending on the vendor’s responsiveness—according to my students, most take no longer than 48 hours to verify.
How Much Does eCredable Cost?
Through eCredable, Business Lift is $19.95 per month and Business Lift+ is $39.95 per month. Consumers will pay $9.95 to $14.95 per month.
For consumers, eCredable Lift used to cost $24 per year, which was just a couple bucks per month. Businesses were charged $49.95 for the first-month setup fee and $9.95 recurring thereafter. Both consumers and businesses would pay an additional $19.95 for manual account verification for each account. So, the costs have dropped quite a bit.
Frequently Asked Questions
Who does eCredable Business report to?
eCredable Business reports payment data to D&B, Experian, Equifax, and CreditSafe, depending on the service level you choose. However, they have had some issues with CreditSafe and Business Credit Workshop students reported consistent reporting only to Equifax.
What is the fastest way to get business credit for an LLC?
The quickest way to build business credit for an LLC is to make sure your business is registered with credit bureaus, obtain an EIN, and use services and vendors that report your payment history to business credit bureaus.
Why is eCredable on my credit report?
If you’ve signed up for eCredable Lift, the platform reports eligible payments like rent, utility, or phone bills to participating credit bureaus. These reports may appear on your credit file to help build your credit history.
How long does it take for eCredable to report to credit bureaus?
eCredable typically takes up to two weeks or more to report your payment history to the credit bureaus after you link your accounts and add eligible payments.
Conclusion: Is eCredable Legit?
eCredable Business Lift™ is a solid idea, comparable to Experian Boost for consumers. The company has been around for over a decade, which speaks to their trustworthiness. And, I love that they report to business credit bureaus because most similar services focus on consumer credit.
Still, I don’t love that their information isn’t posted conspicuously. Back in 2021, I had to reach out more than once to get the answers I was after. And, the website still doesn’t have a ton of information about which vendors they use.
eCredable’s payment reporting is nice and could contribute to your PAYDEX score over time. But, you can pay for actual products that you need anyway with net 30 vendors who report and get something tangible for your cash while working on your score. So, it’s hard to get excited, but it’s cool.
Finally, the business offer has been around for at least a few years, yet they still cannot report eCredable account subscriptions to Equifax, which leads me to question their reliability.
Don’t take this the wrong way — I still have hope. If you have a bit of money to spare, it can’t hurt. Plus, a few more positive user reviews and a bit of transparency could go a long way for eCredable. So, if you have experience with the platform, I would love to hear your story.
If you want to learn a trusted framework to get up to $100K in business credit in as few as 30 days, join Business Credit Workshop today.