SOURCE: Trycera Financial

Trycera Financial

November 09, 2010 12:04 ET

Trycera Financial Receives Legal Opinion From the National Credit Union Administration on Alternative Credit References

IRVINE, CA--(Marketwire - November 9, 2010) -  Trycera Financial, Inc. (OTCBB: TRYF), a diversified financial services company, announced today that it received a legal opinion from the National Credit Union Administration (NCUA) stating that when making a creditworthiness determination, Federal Credit Unions (FCUs) must consider information presented by a member that is not included in a traditional credit report.

Citing the Equal Credit Opportunity Act (ECOA) Regulation B, the NCUA affirmed that at an applicant's request, creditors must consider alternative credit information not reported through a credit bureau when the information relates to the same types of credit references and history the creditor would consider if reported though a credit bureau. ECOA Section 702 defines credit as "...the right granted by a creditor to a debtor to defer payment of debt or to incur debts and defer its payment or to purchase property or services and defer payment therefore." Examples include traditional monthly bills such as apartment rent, utilities, phone service, insurance, and rent-to-own payments in addition to term loans, revolving credit, and mortgages. 

When a Trycera Financial account holder uses their account to pay monthly bills, they receive a statement that organizes their bills and payment history into a standard credit reporting industry format. Alternative credit references that are organized in this standard format can be merged with a traditional credit report and scored, making it convenient for a creditor to consider them and comply with ECOA Regulation B.

Michael Nathans, President of Trycera Credit Services, said, "The NCUA provided this legal opinion at our request to make federally-insured credit unions and their members aware of this little-known provision of Federal law which allows consumers to establish or rebuild a good credit history and score without debt, and imposes punitive fines on creditors for non-compliance."

View National Credit Union Administration's ECOA Reg B opinion letter at this link: 

View National Credit Reporting Association's ECOA Reg B position letter at this link:


Trycera Financial, Inc. is a financial services company specializing in the delivery of prepaid card programs, prepaid card program management, alternative credit products and bill payment reporting. The Company also markets a diverse suite of personal financial management solutions and pay as you go services that give consumers the ability to have alternative credit references such as rent, utilities, insurance and wireless phone service payments reported with any application that requires a credit check and added to their credit scores. For more information, please visit the Company's web site at


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