BBVA Compass has partnered with alternative credit agency eCredable on a pilot program that will offer credit cards to credit invisible consumers with little credit history with traditional reporting agencies.
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In order to show creditworthiness of the underserved customers, eCredable’s AMP Credit Score makes use of other payment history such as rent and utility payments.
Customers’ AMP Credit Scores will be considered after applying through the eCredable website for the BBVA Compass NBA American Express Card.
Moreover, the bank will report the monthly payment history of new cardholders to national credit bureaus that will build or add to their credit files.
BBVA Compass executive director of payments Ryan Kraynick said: "Our mission is to serve our clients and help them build brighter futures, and sometimes that means from the very ground up.
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By GlobalData"Working with eCredable will allow us to meet the needs of a wider spectrum of credit-worthy consumers who for various reasons have not been able to create a traditional credit profile."
