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How A $4M Deal Was Saved After A Surprise Default

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Short answer. A four million dollar deal was days from formal approval when a debt collector listed a default against the client for an old phone bill. The listing was cleared in under three weeks, protecting the client's deposit and saving the deal for the broker.

This is a real client matter and the timeframe shown is what happened in this case. Every file is different and timeframes vary. We do not guarantee a removal or a turnaround time.

Key points

  • The credit file was clear at pre-approval, then a default appeared before formal approval
  • The listing came from a debt collector over an old phone bill
  • Cleared in under three weeks
  • Protected the client's deposit and saved the broker's deal

Transcript

Full transcript

Dan, what happened yesterday? I broke open a cold case, because they were about to lose a four million dollar deal. At pre-approval stage there was no default showing, and the client had put down a ten per cent deposit. Days before the formal approval came through, a debt collector placed a default against him for an old phone bill. We were able to get that cleared in less than three weeks, saving the client from possibly losing his deposit, and saving the deal for the broker. Credit repaired, life restored. That is Clear Credit Solutions.

Common questions

Related questions

Does deal size change how you assess a file?

No. Every matter is assessed on its own facts, whatever the loan amount.

How quickly can you tell me if it is workable?

Same day, once we have the credit report.

Read more on this
Key Things to Check When Reviewing Your Credit Report

How to spot a listing you did not know about, before it costs you a deal.

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