FinLocker and eCredable have joined forces to create eCredable LiftLocker, a program designed to help the “credit invisible” establish credit, thus paving the path to homeownership.
FinLocker provides an end-to-end user experience that begins with helping the consumer understand their current financial situation, setting financial goals, monitoring their credit, shopping for an affordable home, and preparing for a digital mortgage closing.
eCredable provides a complementary credit building service that helps consumers build better credit scores to qualify for credit cards, student loans, personal loans, auto loans, and home loans.
eCredable LiftLocker combines benefits of both offerings to address the needs of consumers who are most challenged with demonstrating their creditworthiness to access necessary financial services and products.
“Your credit score is a critical factor in the home loan approval process,” says Steve Ely, CEO, eCredable, in a release. “We can help the person who is credit invisible build an initial credit score. This includes young people and immigrants who need to build their credit history and would benefit significantly by adding their rent and utility accounts to their TransUnion credit report. They can also benefit from credit monitoring, and specific advice on how to achieve a credit score that helps them qualify for better mortgage terms.”