SOURCE: Trycera Financial, Inc.

Trycera Financial, Inc.

April 27, 2011 09:00 ET

Trycera Financial, Inc. Signs Alliance Agreement With the National Credit Reporting Association

WASHINGTON, DC--(Marketwire - Apr 27, 2011) - Trycera Financial, Inc. (OTCBB: TRYF) and the National Credit Reporting Association (NCRA) today announced they have entered into an Alliance Agreement aimed at leveraging the Equal Credit Opportunity Act, Regulation B (ECOA Reg B). The purpose of the Agreement is to establish terms by which NCRA members will verify and report consumers' rental, utilities, and other recurring bill payment information to a Trycera customer's file. This Agreement should assist consumers to establish or rebuild their credit scores and may help up to 150 million Americans qualify for housing, credit and insurance, and on more favorable terms. The Company estimates that ECOA Reg B could be worth up to $45 billion per year in additional commerce domestically.

"ECOA Reg B has been dubbed the 'shoe box credit law' and best kept secret in the history of financial services," said Michael Nathans, Trycera Credit Services President. "Creditors and applicants are much better served by this law, however, when an applicant presents a score-ready report to a creditor rather than a shoe box full of paper. Score-ready means that the applicant's credit references have been independently verified and formatted to instantly report to a credit bureau on an application-by-application basis, and be merged and scored by a bureau, FICO® and VantageScore™ Solutions," he added.

"Trycera Financial offers its customers a patent-pending process which includes issuing an FDIC-insured VISA prepaid debit card that can be used like a bank account to get paid and to pay others," said CEO Ray Smith. "Its unique feature is that along with a traditional monthly account statement, Trycera Cardholders receive a ScoreReady™ Report of the ECOA-qualified credit references they have paid using their account each month such as rent, utilities, cell phone, insurance and other traditional monthly bills. Cardholders may also purchase an independent verification of former and current credit references and payment histories to supplement their ScoreReady Report at any time," explained Mr. Smith.

"Improving the accuracy of credit reports and scores has been mandated by Congress in the Fair and Accurate Credit Transaction Act," said National Credit Reporting Association Executive Director Terry Clemans. "The Fair Credit Reporting Act makes credit reporting voluntary for creditors. The Equal Credit Opportunity Act (ECOA) Regulation B makes credit reporting voluntary for consumers on an application-by-application basis when their creditor does not report to a nationwide credit reporting agency," Mr. Clemans explained.

The NCRA and Trycera will take steps outlined in the Alliance Agreement to support their mutual goals of:

1. Providing consumers with an equal opportunity to demonstrate that they pay their bills on time when applying for housing, credit, insurance, utility hook-up, and employment.

2. Promoting a standard method for independent verification of applicant-reported trade line account and payment information as a basis for using such data in credit scoring, automated underwriting, and secondary market pricing.

Aboutthe National Credit Reporting Association

The National Credit Reporting Association, Inc. (NCRA) is a non-profit trade association founded in 1992 that represents the Consumer Reporting Industry and specifically "Mortgage Credit Reporting Agencies." NCRA represents approximately 80% of the Credit Reporting Agencies in the United States and Puerto Rico that produce specialized Mortgage Credit Reports as required by the Department of Housing and Urban Development, Fannie Mae and Freddie Mac for mortgage loan underwriting. NCRA members provide the mortgage lending community in excess of 2,000,000 mortgage credit reports per month.

About Trycera Financial, Inc.

Trycera is a diversified financial services company that offers an FDIC-insured VISA or MasterCard prepaid debit card with a ScoreReady™ credit reference statement, budgeting and personal financial statement software, independent FCRA-certified verifications, asset- and wealth-building tools.

Contact Information

  • Media Inquiries:
    Terry W. Clemans
    Executive Director
    National Credit Reporting Association, Inc.
    Phone: (630) 539-1525

    Michael Nathans
    President of Credit Services
    Trycera Financial, Inc.
    Phone: (949) 263-1800

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