Looking for Landmines in your Credit
Many potential customers often wonder - Why are you interested in my credit and background history if I’m not applying for a loan?
Keep in mind that it is not your credit score that we are interested in. There are in fact many reasons we have to request this information.
Typically an annuitant decides to sell their annuity payments as a last resort. They may have accrued a large amount of financial debt that they can not manage or pay off. This debt can cause a lot of stress, not to mention make it difficult for future purchases that inevitably come up (like a vehicle or house).
By running your individual credit report we can get a better understanding of what accounts are currently open, what accounts are in collection and the overall balances owed to your creditors.
And if you do plan to pay off these debts, we will need more information like what your monthly payment is and what the interest rates are on these accounts. We do this for comparison to the equivalent of the interest rate you would be paying had you taken a loan out in lieu of selling your payments. This information is helpful because selling your payments is a court process and the judge has to find that the transaction is in your best interest.
Other items that will show up on your credit report are bankruptcy filings, child support and tax liens. These may require some additional research to ensure an approved transaction. By running your credit report early in the game, we can make you aware of these items at the very beginning of the process. We pride ourselves in being up front with our customers.
In order to prevent legal complications, we ensure that the annuity a customer is attempting to sell is indeed their annuity. We need to confirm that you are in essence … who you say you are. We may also ask about any criminal history. The information you provide supports our preparation for questions the court may ask when it come times to approve your transaction.
PPI is here to help you and we do everything we can to make this the quickest and smoothest transaction possible. If we request something of you, it is because we are keeping your best interest in mind. Essentially, you are the reason we are in business and we want to make sure you are happy with your decision to do business with Prosperity Partners.
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