diff --git a/edxval/admin.py b/edxval/admin.py
index 4fff51bb..ec551153 100644
--- a/edxval/admin.py
+++ b/edxval/admin.py
@@ -115,6 +115,8 @@ class TranscriptPreferenceAdmin(admin.ModelAdmin):
 
 class ThirdPartyTranscriptCredentialsStateAdmin(admin.ModelAdmin):
     """ Admin for ThirdPartyTranscriptCredentialsState  """
+    # TODO: change "exists" to "has_creds" once the new column exists, in step 3
+    # of the renaming process.
     list_display = ('org', 'provider', 'exists', 'created', 'modified')
 
     model = ThirdPartyTranscriptCredentialsState
diff --git a/edxval/api.py b/edxval/api.py
index 99e948de..39ad449a 100644
--- a/edxval/api.py
+++ b/edxval/api.py
@@ -224,6 +224,7 @@ def get_transcript_credentials_state_for_org(org, provider=None):
         query_filter['provider'] = provider
 
     return {
+        # TODO: rename credential.exists to credential.has_creds in step 3 of renaming.
         credential.provider: credential.exists
         for credential in ThirdPartyTranscriptCredentialsState.objects.filter(**query_filter)
     }
@@ -510,7 +511,7 @@ def create_profile(profile_name):
     """
     Used to create Profile objects in the database
 
-    A profile needs to exists before an EncodedVideo object can be created.
+    A profile needs to exist before an EncodedVideo object can be created.
 
     Args:
         profile_name (str): ID of the profile
diff --git a/edxval/migrations/0012_thirdpartytranscriptcredentialsstate_has_creds.py b/edxval/migrations/0012_thirdpartytranscriptcredentialsstate_has_creds.py
new file mode 100644
index 00000000..0d6ce49d
--- /dev/null
+++ b/edxval/migrations/0012_thirdpartytranscriptcredentialsstate_has_creds.py
@@ -0,0 +1,20 @@
+# -*- coding: utf-8 -*-
+# Generated by Django 1.11.25 on 2019-12-03 05:48
+from __future__ import unicode_literals
+
+from django.db import migrations, models
+
+
+class Migration(migrations.Migration):
+
+    dependencies = [
+        ('edxval', '0011_data__add_audio_mp3_profile'),
+    ]
+
+    operations = [
+        migrations.AddField(
+            model_name='thirdpartytranscriptcredentialsstate',
+            name='has_creds',
+            field=models.BooleanField(default=False, help_text='Transcript credentials state'),
+        ),
+    ]
diff --git a/edxval/models.py b/edxval/models.py
index 9b231a49..d94f4bc1 100644
--- a/edxval/models.py
+++ b/edxval/models.py
@@ -659,17 +659,20 @@ class Meta:
         max_length=20,
         choices=TranscriptProviderType.CHOICES,
     )
+    # TODO remove exists in step 3 of renaming.
     exists = models.BooleanField(default=False, help_text=u'Transcript credentials state')
+    has_creds = models.BooleanField(default=False, help_text=u'Transcript credentials state')
 
     @classmethod
-    def update_or_create(cls, org, provider, exists):
+    def update_or_create(cls, org, provider, has_creds):
         """
         Update or create credentials state.
         """
+        # TODO: remove 'exists' in step 3 of renaming.
         instance, created = cls.objects.update_or_create(
             org=org,
             provider=provider,
-            defaults={'exists': exists},
+            defaults={'exists': has_creds, 'has_creds': has_creds},
         )
 
         return instance, created
@@ -682,6 +685,7 @@ def __str__(self):
             edX has Cielo24 credentials
             edX doesn't have 3PlayMedia credentials
         """
+        # TODO: rename exists to has_creds in set 3 of renaming.
         return u'{org} {state} {provider} credentials'.format(
             org=self.org, provider=self.provider, state='has' if self.exists else "doesn't have"
         )
diff --git a/edxval/tests/test_api.py b/edxval/tests/test_api.py
index 802a26d0..356f49bf 100644
--- a/edxval/tests/test_api.py
+++ b/edxval/tests/test_api.py
@@ -3014,11 +3014,12 @@ def setUp(self):
         Tests setup
         """
         super(TranscripCredentialsStateTest, self).setUp()
+        # TODO: remove exists in step 3 of renaming.
         third_party_trans_true = ThirdPartyTranscriptCredentialsState.objects.create(
-            org='edX', provider='Cielo24', exists=True
+            org='edX', provider='Cielo24', exists=True, has_creds=True
         )
         third_party_trans_false = ThirdPartyTranscriptCredentialsState.objects.create(
-            org='edX', provider='3PlayMedia', exists=False
+            org='edX', provider='3PlayMedia', exists=False, has_creds=False
         )
 
         # casting an instance to a string returns a valid value.
diff --git a/setup.py b/setup.py
index 07fb524c..77978804 100644
--- a/setup.py
+++ b/setup.py
@@ -46,7 +46,7 @@ def load_requirements(*requirements_paths):
     return list(requirements)
 
 
-VERSION = '1.1.30'
+VERSION = '1.1.31'
 
 if sys.argv[-1] == 'tag':
     print("Tagging the version on github:")