ECRID, the New Credit Bureau Files New IPO

Rhea-AI Summary

ECRID has received SEC approval for its S-1 filing, allowing it to raise $20 million in its IPO. As a new credit bureau, ECRID provides users the chance to create credit reports based on timely payments to unconventional creditors, starting with a perfect score of 950. ECRID’s unique platform aims to facilitate loan applications for users by allowing lenders to evaluate creditworthiness based on the ECRID Credit Report. Additionally, ECRID offers a referral program rewarding members for generating new user sign-ups.

Positive

• Effective S-1 filing for $20 million IPO.
• Unique credit report system based on unconventional creditors.
• Ability for users to start with a perfect score of 950.
• Plans to offer lending services starting November 2021.
• Referral program incentivizing user sign-ups with $75 per referral.

Negative

• None.

ECRID’s S-1 filing was declared effective by the SEC to raise $20,000,000 in its IPO

STUART, FLORIDA, Oct. 08, 2021 (GLOBE NEWSWIRE) -- ECRID (OTC Pink: ECDD) is the New Credit Bureau (www.ECRID.com) that offers the public an opportunity to create a new ECRID Credit Report with conventional and/or unconventional creditors (rent, electric, telephone, etc.) that have been paid in a timely manner in order to validate an individual’s credit worthiness to future lenders. Each Credit Report created by an individual will start out with a Perfect 950 ECRID Credit Score.

ECRID, the New Credit Bureau that gives you a second chance to get approved for a home, car and personal loan.

ECRID’S CEO, Cleveland Gary said "I am excited and thrilled to prepare for the launch of one of the most life-changing and novel Fintech Credit Lending platforms of its kind at a time where a large percentage of adults have cash flow but unfortunately deemed to have poor credit scores."

First, ECRID’s Bill Pay Service is second to none. ECRID Credit Report Holders will pay their monthly bills listed on their ECRID Credit Report through an automated ECRID Electronic Payment System. Once payment is processed, the ECRID Credit Report Score and payment status will update in real time on the ECRID User’s Credit Report. This process and method gives Lenders validation on how each ECRID Credit Report Holder pay their bills.

Secondly, ECRID Credit Report Holders will be able to apply for loans (home, auto, personal loans, etc.) inside their ECRID Business Center. Lenders will have access to sign up at www.ECRID.com to become a member and offer their services to the ECRID Credit Report Holders who are looking for financing. The goal is to start offering lending services in November 2021. ECRID lenders will be asked not to pull an Equifax, Experian or Trans Union credit report but instead base their novel Fintech sector lending on the actual individual Users ECRID Credit Report. This will give the ECRID User (borrower) a fresh start and a second chance at reestablishing themselves as credit worthy borrowers. The Company’s (ECRID) primary objective is to base the lending decision on the Users (borrower) ECRID Credit Report along with the Users (borrower’s) income to debt ratio.

Last but not least, the ECRID Referral Program is an exciting and extremely lucrative novel tech platform that pays you, the new ECRID Member $75 every time someone clicks your referring ECRID Social Media ADD and the new ECRID User creates an ECRID Credit Report. It’s free to sign up as an ECRID Member and Start Making Money! As an ECRID User, It cost $25 to create each ECRID Credit Profile (Your Creditor’s Information) and a minimum of four ECRID Credit Profiles are required to generate your ECRID Credit Report ($100).
 
CONTACT: Phone: (800) 380-9096, Website: www.ECRID.com, Email: support@ecrid.com
 

FAQ

What was ECRID's IPO goal?

ECRID aims to raise $20 million through its IPO as per the effective S-1 filing by the SEC.

What is ECRID's unique offering for credit reports?

ECRID allows individuals to create credit reports based on timely payments to both conventional and unconventional creditors.

When will ECRID start offering lending services?

ECRID plans to begin offering lending services in November 2021.

How does ECRID determine creditworthiness?

ECRID bases lending decisions on users' credit reports and their income to debt ratios instead of traditional credit reports.

What is the cost to create an ECRID Credit Profile?

It costs $25 to create each ECRID Credit Profile, and at least four profiles are needed to generate a credit report.