Protect yourself

Credit Process Checklist

The following is a list of things you will need in preparing your leasing application. A complete application will result in a quick approval.

1. Your social security number will be necessary to obtain a personal credit report. (info on receiving a free copy of your credit report)  Each time your credit report is pulled, your score may be lowered. It is your score that sets your rate.  For your own benefit, do not submit your application to more than one broker. Be sure the broker of choice does not “shotgun” your application. Make sure they are a reputable broker.
2. All owners of the company must be listed with their company title, percentage of ownership and social security number.
3. You need your company’s mailing address as well as the address of where the equipment will be located. This is extremely important at the time of the application.
4. Business bank information should consist of your bank name, branch, contact person and your account number. If you have more than one bank account, please list them. The last three (3) bank statements is even better. Completing the leasing process will require your first and last payment up front. This must be paid on a check from the checking account listed on the application.
5. Trade references are other businesses that you do business with that will verify your pay history.
6. A comparable lending reference is another lease or borrowed dollar amount of at least half the amount you are currently requesting. This is very helpful in getting an approval.
7. Assume the credit analyst is not familiar with the requested equipment and supply a brochure or detailed description. Pictures are always helpful, but not necessary.

This should help you get started.  Feel free to call with any questions you might have.

Protect Your Credit

First thing you should do is contact the Better Business Bureau in your area.  Check to see if the company you choose had a istory of complaints. Google is also a terrific tool to find out if previous customers are unsatisfied.

Second, do not give out your address or social security number.  Either of those two items can be used to pull your credit once someone has your name.

Third, never fill out more than one application and definitely do not “shot-gun” an application for convenience. You should also make sure the company you choose or the vendor you are using will not “shot-gun” your application.  You may get 5 answers quickly, but you will have ruined your credit, your chance for a good rate and maybe even the chance to secure a lease at all.

Keeping a clean Report

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