Terms and Conditions
I understand that a $50.00 payment is due for the service rendered for each tenant/buyer (less any promotional discounts). It is agreed PreQual Team will provide the following services within 3 business days of receipt of payment and tenant buyer provides access/permission to obtain credit report:
1-Credit Report - PreQual Team will obtain a credit report on the buyer/tenant and/or co-buyer/tenant.
2-Credit Analysis - A credit specialist will examine the buyer’s and/or co-buyers credit report. We will look at the past and present information on the report and compare it to the tenant's explanation of credit history. We will also provide our professional opinion how long it will take the tenant / buyer to be credit score ready if the enroll in credit enhancement and follow instructions to repair and rebuild their credit.
3-Background Check - The background check you will receive, if available, provides additional personal information about the buyer and/or co-buyer, any criminal records or possible matches to the buyer and/or co-buyer, possible relatives of the buyer and/or co-buyer, possible associates and professional contact information.
4-Megan’s Law Check/National Sex Offender Search
5-Debt-to-Income Evaluation - After receiving the buyers and/or co-buyers verification of income and credit report, PreQual Team will provide a debt-to-income evaluation by using our DTI software which includes underwriting guidelines to today’s popular loans.
The Landlord/Real Estate Investor will inform the buyer/tenant that PreQual Team will be contacting them to obtain their income documentation and credit report.
PreQual Team will call the tenant/buyer within 3 business days of time specified above or time of application, if unsuccessful within 3 attempts, PreQual Team will call and email Landlord/Real Estate Investor.
Refunds provided if contact is not established, less a 10% service fee. All billing is handled by My Credit Team