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10-31-2014, 07:18 PM #1
- Join Date
- Mar 2013
- Posts
- 33
Pulling owner's credit bureau & D&B
If you are a small ISO or independent broker do you pull a credit bureau on the owner(s) and/or a D&B report before you submit a deal?
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11-02-2014, 04:50 PM #2
- Join Date
- Jan 2014
- Posts
- 25
Definitely,
1: You can see who has it already and not submit to those who may have received the deal, thus getting a decline plus risking the lender reaching out to the ISO letting them know the merchant is shopping (which they usually are)
2: More importantly, not to waste the UW time sending deals that will be declined straight out
3: Gives you a chance to ask the merchant about Tax liens...etc
4: And as always for the doomsday Sayers, the more you send out a deal the greater a chance it will be shopped out/stolen thus only send it to lenders who fit the credit criteria ( I know why send to lenders whom you suspect steals deals...welcome to the industry)
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