Credit History Clause Samples

Credit History. (a) Credit Search With the exception, in some circumstances, of Further Advances to existing Borrowers, a credit search is carried out in respect of all applicants. Applications may be declined where an adverse credit history (for example, county court judgement (or the Scottish equivalent), default, or bankruptcy notice) is revealed.

Credit History. As part of this transaction, Buyer may investigate Seller’s credit history. Buyer reserves the right to cancel and terminate this Purchase Order if it reasonably believes that it could be insecure with respect to any payments made by Buyer prior to delivery of the Goods or performance of the Services.

Credit History. 10.1 Applications where an adverse credit history exists (i.e. bankruptcy, county court judgment (or the Scottish equivalent) or outstanding defaults registered with a credit reference agency) are subject to an analysis whereby highest risk cases are declined with only lowest risk situations accepted subject to further underwriting review or where the value and age of the adverse credit is deemed by the Seller to be low risk. The policy for this is that the Seller does not accept applications: (a) where an applicant has ever been made bankrupt or had an individual voluntary arrangement registered; (b) from applicants who have previously had a property repossessed; (c) from applicants who have missed two or more contractual payments in the last 12 months on an unsecured loan, or in the past 6 months on any other facility (whether satisfied or not); (d) from any applicant with County Court judgment(s) (or the Scottish equivalent) / default(s) in the past 12 months (whether satisfied or not); (e) from any applicant with any mortgage arrears in the last 12 months (whether satisfied or not); (f) from any applicant with County Court judgment(s) (or the Scottish equivalent) / default(s) where the LTV is greater than 85 per cent (whether verified or not); and (g) from any applicant with County Court judgment(s) (or the Scottish equivalent) / default(s) of greater than £300 (whether satisfied or not).

Credit History. QTS may in its sole discretion report Customer’s payment history to reporting agencies, including but not limited to, Dun & Bradstreet.

Credit History. By applying for or continued access to the Services, you grant the Company permission to obtain your credit information from consumer credit reporting agencies at any time. If the Company determines you may be a credit risk due to unsatisfactory credit rating, insufficient credit history, or late payment history, GTC may refuse to provide the Services or require advance payments, non-refundable payments, and/or a deposit. Interest will not be paid on advance payments or deposits unless required by law. The Company may also require special payment terms, such as advance payments or deposits if GTC determines that the initial payment was inadequate. The Company may establish limits and restrict your Service and/or features as it deems appropriate. If you are delinquent in any payment to GTC, you also authorize GTC to report any late payment or nonpayment to credit reporting agencies. If you previously had an account with GTC and such account had an associated balance that remained unpaid upon and after termination of such account, by submitting an Application and activating Service, you agree that any such unpaid amounts are subject to the terms and conditions of this Agreement, including without limitation those provisions regarding collections, late fees, and suspension or termination of Service for failure to make required payments. The Company may require payment in full of such unpaid amounts before agreeing to accept your Application and provide or reactivate Services.

Credit History. You hereby authorize TradeRev or its authorized agent to: (a) investigate your credit history, including obtaining, from time to time, credit history reports of your principals and Authorized Users (collectively, the “Credit History Reports”), and (b) share the Credit History Reports and related information with TradeRev’s Partners.

Credit History. If the Mortgage is underwritten through DU, and the DU finding is either “Approve/Eligible” or “Approve/Ineligible,” Lender does not need to evaluate the borrower’s credit history as set forth below. For non-DU manual underwriting, or manual underwriting that results from a DU finding of other than “Approve/Eligible” or “Approve/Ineligible,” Lender must evaluate the borrower’s credit history using any one of the four options set forth below: (a) Lender supplements its manual underwriting by obtaining a “representative” credit score on the borrower that is not less than 620. (b) Lender does not request a “representative” credit score on the borrower, but instead underwrites the Mortgage using the underwriting guidelines set forth in the Selling Guide for Community Lending mortgages coupled with the development of: (1) an acceptable traditional credit profile (under Part X, Section 304.01 of the Selling Guide), or (2) when the borrower does not have the type of credit that is traditionally reported to a credit repository, an acceptable nontraditional credit profile (under Part X, Section 304.02 of the Selling Guide), or (3) when the borrower has not yet established a credit history or does not have sufficient credit documentation to meet the requirements for nontraditional credit, an acceptable “enhanced credit evaluation” for a nontraditional limited credit profile (“enhanced credit evaluation” for nontraditional limited credit requires both of the following: (i) 12 months rental history with no delinquencies, and (ii) no delinquencies in the past 12 months for other trade lines, if any). Provided, however, in all of these cases, a borrower who has a prior bankruptcy or foreclosure in his or her credit history must have reestablished credit that satisfies the requirements of Part X, Section 803.02 of the Selling Guide. (c) Where Lender requests a “representative” credit score on the borrower, but the borrower has no score due to no credit record with the repository, Lender underwrites the Mortgage using the underwriting guidelines set forth in the Selling Guide for Community Lending mortgages coupled with the development of: (1) an acceptable nontraditional credit profile (under Part X, Section 304.02 of the Selling Guide), or (2) when the borrower has not yet established a credit history or does not have sufficient credit documentation to meet the requirements for nontraditional credit, an acceptable “enhanced credit evaluation” for a nontraditional limite...

Credit History the Primary Member acknowledges that, in its sole discretion, the Club may request a credit history report, and he/she may not be eligible for Club charging privileges until the Club reviews and approves.

Credit History. The applicant must have a credit history which indicates a reasonable ability and willingness to meet obligations as they become due. (1) Any or all of the following are in- dicators of an unacceptable credit his- tory unless the cause of the problem was beyond the applicant’s control and the criteria in paragraph (d)(3) of this section are met: (i) Incidents of more than one debt payment being more than 30 days late if the incidents have occurred within the last 12 months. This includes more than one late payment on a single ac- count. (ii) Loss of security due to a fore- closure if the foreclosure has occurred within the last 36 months. (iii) Outstanding tax liens or ▇▇▇▇▇- ▇▇▇▇▇ Government debts with no satis- factory arrangements for payments, no matter what their age as long as they are currently delinquent and/or due and payable. (iv) A court-created or affirmed obli- gation (judgment) caused by non-pay- ment that is currently outstanding or has been outstanding within the last 12 months. (v) Two or more rent payments paid 30 days or more past due within the last 3 years. (vi) Accounts which have been con- verted to collections within the last 12 months (utility bills, hospital bills, etc.). (vii) Collection accounts out- standing, with no satisfactory arrange- ments for payments, no matter what their age as long as they are currently delinquent and/or due and payable. (viii) Any debts written off within the last 36 months. (2) The following will not indicate an unacceptable credit history: (i) ‘‘No history’’ of credit trans- actions by the applicant. (ii) A bankruptcy in which applicant was discharged more than 36 months before application. (iii) A satisfied judgment or fore- closure with no loss of security which was completed more than 12 months before the date of application. (3) The Lender may consider miti- gating circumstances to establish the borrower’s intent for good credit when the applicant provides documentation that: (i) The circumstances were of a tem- porary nature, were beyond the appli- cant’s control, and have been removed (e.g., loss of job; delay or reduction in government benefits or other loss of in- come; increased expenses due to ill- ness, death, etc.); or (ii) The adverse action or delin- quency was the result of a refusal to make full payment because of defective goods or services or as a result of some other justifiable dispute relating to the goods or services purchased or con- tracted for.