What do I need to qualify for the compensation program?
- 725+ credit score. Revolving balances below 60% of credit limit
- At least 4 "open" & "seasoned" primary credit cards
- No more than 4 inquiries per bureau within the last 90 days
- Any prior bankruptcies must be over 5 years old
- Collections, judgments, and late Payments must be over 24 months
How does the compensation program process work?
After your free consultation, the client must provides a copy of their current credit report or credit login to the underwriting department in order to determine eligibility to be a credit partner/CFO. Once approved, a conference call is set up to discuss program details and logistics.
Upon agreement, application, and signing of contracts, we then place the client on another conference call with business owner to understand discuss their business and projected plan for funding. This discussion will cover their reasoning for funding and how they intend to pay back the loan. Once agreed upon and questions are answered, an attorney written agreement will be drawn up with both the business owner and CFO (the client). This is a binding 12 month agreement. Once complete it will take up to 2 weeks for the newly designated CFO to be placed on the company's board of directors. Once this is complete, the company will apply for funding (this will take an additional 2 weeks). There will be 3 to 4 rounds of funding throughout the 12 month period. CFO will be compensated 8% for every round of funding. Each round will be at a minimum of $200,000.
How soon do I get paid upon signing up as a credit partner/CFO?
It takes about 30-45 days for funding to fully process. Once this happens your payment will be wired to your elected account within 24-48 business hours.
What are the risk involved in becoming a credit partner/CFO?
As a credit partner, you will be signing onto to a chosen company as a designated CFO in order to leverage your credit to fund the business owner’s company. This means the client is held responsible if the loan was to default within the contracted 12 months. However, we make sure every business owner we provide is thoroughly vetted, and has a proven track record of fair and good business practices. In addition, the business owners are required to keep 4 to 6 months of payments placed in a reserve account through the duration of the contracted 12 month period. The CFO will have access to this account in order to monitor and ensure loan payments are being made on time and full. This helps to ensure protection.
How will this affect my personal credit?
It doesn't. New accounts or debt will never post on the CFO's personal credit report at any time. The only thing that will show on their personal credit is the initial inquiry, which our company provides a removal service of this upon funding. Becoming a credit partner through this program will not affect your ability to make future financial decisions for yourself such as purchasing a home or new vehicle. The only time your personal credit will become vulnerable is if the business loan goes into default.
How long does it take before I am removed as a credit partner?
After the 12 month contract the CFO can immediately remove themselves from the company. The CFO will also be given the opportunity to opt in to staying on for additional time in exchange for the continued 8% commission from future funding.