topic Re: PPP Fund Credit Check by CREDCO? in Business Credit

PPP Fund Credit Check by CREDCO?

FAMUGrad2001 — Fri, 08 May 2020 17:53:05 GMT

I just had an unexpected inquiry on Equifax from CREDCO. I've heard that there would be an inquiry when the loan has been approved and about to be deposited.

Anyone have any experience with this?Capture.PNG

Re: PPP Fund Credit Check by CREDCO?

WayneSki — Fri, 08 May 2020 18:18:40 GMT

@FAMUGrad2001 wrote:
I just had an unexpected inquiry on Equifax from CREDCO. I've heard that there would be an inquiry when the loan has been approved and about to be deposited.

Anyone have any experience with this?Capture.PNG

Did you recently apply for a mortgage? Maybe that's where its from.

Re: PPP Fund Credit Check by CREDCO?

FAMUGrad2001 — Fri, 08 May 2020 18:20:46 GMT

I just realized that it may be from a federal loan repayment (school loans) that I applied for. It's being processed.

I got my hopes up!

Re: PPP Fund Credit Check by CREDCO?

WayneSki — Fri, 08 May 2020 18:24:33 GMT

@FAMUGrad2001 wrote:
I just realized that it may be from a federal loan repayment (school loans) that I applied for. It's being processed.

I got my hopes up!

Be on the look out for a credit pull from Experian. That's where they're pulling from.

Re: PPP Fund Credit Check by CREDCO?

bloccoblu — Fri, 08 May 2020 21:56:09 GMT

Fellow Rattler

The agency they pull from depends on who you applied for the PPP loan through, unless youre referring to the EIDL. I used paypal for PPP they pulled transunion and the credit check happened roughly an hour or less before the deposit. EIDL is pulling experian personal and business.

Re: PPP Fund Credit Check by CREDCO?

FAMUGrad2001 — Fri, 08 May 2020 21:58:28 GMT

Good looking out. Yeah, I mean the EIDL GRANT.

Re: PPP Fund Credit Check by CREDCO?

FAMUGrad2001 — Sat, 23 May 2020 13:46:15 GMT

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Just got the inquiry! Does this mean I will get it? How long?

Re: PPP Fund Credit Check by CREDCO?

bloccoblu — Sat, 23 May 2020 15:05:42 GMT

From what I understand the inquiry does not guarantee approval. Some people have been given grant but denied for the loan itself due to credit score. If there aren’t any issues with your banking info people have generally seen grant deposit within 2-5 days after inquiry. Then a week or so to a month for loan docs/funding. For me there were banking info issues so I had to wait over a month to get grant and loan. Call SBA and ask if there are any issues that you may need to correct. Also depending on who you speak with they may tell you if you were approved or denied and what the loan amount will be if offered.

Re: PPP Fund Credit Check by CREDCO?

FAMUGrad2001 — Sat, 23 May 2020 15:12:02 GMT

I applied as sole proprietor and had just started in January so there's no bank info yet and had not set up vendor accounts yet to report.

I'm not holding my breath, but it seemed like this was actually going to happen. Like you, I've heard that deposits were being made 1-2 days after inquiry. My Exp is 681 after the inquiry so I doubt that would be a reason for denial.

Re: PPP Fund Credit Check by CREDCO?

WayneSki — Sat, 23 May 2020 16:12:02 GMT

@FAMUGrad2001 wrote:
I applied as sole proprietor and had just started in January so there's no bank info yet and had not set up vendor accounts yet to report.

I'm not holding my breath, but it seemed like this was actually going to happen. Like you, I've heard that deposits were being made 1-2 days after inquiry. My Exp is 681 after the inquiry so I doubt that would be a reason for denial.

It took about a month after my credit pull for me to recieve my EIDL funds. Its based off of your personal credit profile,not vendor credit.

You cant get real bank products...loans/lines of credit with "vendor credit".

Re: PPP Fund Credit Check by CREDCO?

bloccoblu — Sat, 23 May 2020 16:13:38 GMT

Seems like you would be good then. With regards to bank info I’m referring to your bank account number matching exactly with your bank account name/ address (business or personal). For example some people have had bank verification issues because of commas, dashes, etc in the name or address of their business or home compared to what they submitted on their application.

Re: PPP Fund Credit Check by CREDCO?

FAMUGrad2001 — Sat, 23 May 2020 16:15:01 GMT

I am using vendor credit to build my business credit rating. Because I had just begun my business credit was non existent.

Re: PPP Fund Credit Check by CREDCO?

FAMUGrad2001 — Sat, 23 May 2020 16:16:51 GMT

Ok. Yeah. The bank info is fine. Thanks for the info.