A: Credit Boost is a simple and effective way to take control of your credit and build long-term credit health. It involves a small three-step verification process that can potentially raise your FICO® Score and improve your credit profile.
Q2: How does the Credit Boost process work?
A: The process involves three easy steps:
Connect your account to our Credit Boost system.
We deposit a small verification amount into your account.
You return the verification amount to us immediately.
Q3: What happens after I complete the Credit Boost process?
A: Once you complete the verification process, we report this positive transaction to the credit bureau, which can help enhance your credit history and potentially raise your FICO® Score.
Q4: How long does it take to see an improvement in my FICO® Score?
A: The impact on your FICO® Score can be instant once the verification process is completed and reported to the credit bureau.
Q5: Is the Credit Boost process secure?
A: Yes, the Credit Boost process is secure. We use advanced technology and strict protocols to protect your information throughout the process.
Q6: What is the FICO® Score 8 model?
A: The FICO® Score 8 model is one of the many types of credit scores used by lenders. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether.
Loan Application Process
Q7: Why is verifying account information mandatory for loan approval?
A: Verifying account information is essential to ensure accuracy, prevent fraud, and assess the borrower's financial stability. This step helps us provide a secure and reliable loan approval process.
Q8: What technology does USA Lending use to verify account information?
A: We use advanced P2S technology to access and review bank statements from the last 3-6 months, allowing us to thoroughly assess borrower credibility and financial stability.
Q9: What kind of transactions do you review during the verification process?
A: We review transactions from the last 3-6 months to confirm that the borrower has a stable income, demonstrating their ability to afford loan repayments.
Q10: How does the verification amount work?
A: As part of the verification process, we deposit a small verification amount (ranging from $15.00 to $1500) into the borrower's account to confirm it can accept payments from a private lender. The borrower then returns this amount to complete the verification.
Q11: How can I return the verification amount to the company?
A: Payment can be made back to us through an online transfer app (like Cash App®) or you can even send it back using your own debit card at any of your nearest government-authorized stores.
Q12: How quickly are loan funds disbursed after verification?
A: Once all information is verified and confirmed, loan funds will be disbursed within 2 hours, ensuring a quick and efficient process.
ID and Bank Account Verification
Q13: Why is ID verification important?
A: ID verification is crucial for ensuring the security and accuracy of your loan application. It helps prevent fraud and confirms your identity, ensuring that only authorized individuals access the loan.
Q14: How is bank account verification conducted?
A: We verify bank account information by accessing and reviewing your bank statements from the last 3-6 months. This helps us confirm the accuracy of the provided bank account information and assess your financial stability.
Payment Protection Insurance (PPI)
Q15: What is Payment Protection Insurance (PPI)?
A: PPI, also known as Credit Insurance or Loan Repayment Insurance, ensures the repayment of your loan in case you face unexpected challenges such as death, illness, disability, or job loss.
Q16: Is PPI mandatory for new loans?
A: Yes, PPI is compulsory for new loans to provide financial security and peace of mind.
Q17: Does PPI affect my loan approval?
A: No, your decision to take up PPI cover does not affect your personal loan or finance application.
Q18: Who provides the PPI cover?
A: The PPI cover is provided by American Insurance Group. They bear no direct liability to you regarding this benefit, and you should review the terms and conditions of the policy thoroughly.
Q19: What types of loans can PPI cover?
A: PPI can cover various types of consumer loans, including car loans, home mortgages, and loans from finance companies. Some credit card agreements may also include a form of PPI cover as standard.