This　paper　examines　the　efficiency　of　a　tradable　travel　credit　scheme　for　managing　bottleneck　congestion　and　modal　split　in　a　competitive　highway/transit　network　with　continuous　heterogeneity　in　the　individuals＇　value　of　time.　Each　user　is　initially　endowed　with　a　certain　amount　of　travel　credits　and　can　sell　or　buy　additional　credits　in　a　free　trading　market.　Time-dependent　credit　charge　is　implemented　only　for　usage　of　the　road　bottleneck.　We　show　that　both　the　modal　split　and　credit　charge　at　equilibrium　are　unique,　and　the　scheme　is　always　Pareto-improving　when　the　system　optimum　is　achieved.　(C)　2013　Elsevier　Ltd.　All　rights　reserved.