Energy Backup

Energy Backup: Credit Parameters & Getting Approved

Updated over 3 weeks ago

Credit Policy Overview

A	Credit Requirements	675 FICO Credit Score (Highest Score: Transunion and Equifax) Soft credit inquiry (no impact on homeowner credit score) No bankruptcies (7-Year Lookback) Debt-to-Income (DTI) Not Factored
B	Credit Validity	Credit valid 180 Days from initial run Once contract is executed, credit does not expire. (However, LightReach reserves the right to cancel files which do not achieve installation after an extended period of time--technically 160 days or longer. This is actively enforced.) No more than 3 active applications per client at any given time
C	Credit Application Requirements	An email account and access to it Full Name & Basic Contact Information Last 4 digits of SSN Required (Use full SSN to maximize success rate) Maximum credit check rate limit of 6 on all accounts ITIN number not accepted Date of Birth is optional but recommended Click for Visual

Property Ownership Overview

A	Ownership Parameters & Property Types	In general: Single family, fully-owned homes (residential). This is inclusive of: Primary residence Secondary residence Investment/rental properties (No more than 3 active applications per client at any given time) Multi Family (must be fully owned) Corporations & Trusts: C-Corp / S-Corp acceptable, but corp. officer must reside at property and be signatory on contract (other docs may be required) Trusts and LLC acceptable if homeowner on title is also a trustee or the controlling member.
B	Eligible Properties	View full eligible site details here

FAQs

1	Can the Trust/LLC sign?	No, the customer/homeowner themselves must sign (IE a person). Trusts and LLC guidelines for title purposes are listed above.
2	Can I have multiple sites/accounts for the same homeowner?	Yes, up to a maximum of 3 active applications per client. The customer will need a different email address for each unique property address. Example: 3 different property addresses = 3 different emails Additional homes (IE 4+) can be accepted after the first 3 applications have been PTOd + completed payments on time for 3 months. After the 3 month period, additional homes/applications can be accepted (to the maximum of 3 at any given time).
3	How is the homeowner's credit checked?	We check both Transunion and Equifax at the same time, the highest score will be taken
4	Homeowner has frozen credit?	In the event a homeowner has frozen their credit reports, they will need to unfreeze directly with the bureau(s) in order to proceed. Homeowners can visit this site to review more. Upon completion, a new credit application can be submitted: https://www.equifax.com/personal/credit-report-services/credit-freeze https://www.transunion.com/credit-freeze
5	Soft Credit Check vs Hard Credit Check?	All Energy Plans feature a soft credit check. This means that there is no impact to the homeowner's credit score. Additionally, the PPA does not report as debt. Therefore, there is no consequence to simply seeing if a homeowner is qualified.
6	Credit Results: Applicant Not Found	This is typically associated with situations whereby only the last 4 digits were used. The next step would be to run with full SSN (it's a soft check entirely, so no impact to the homeowner to rerun credit). There are some situations whereby the homeowner has no credit history at all, we can't pull a result.
7	Credit Results: Error	Special characters in the application will result with an error. [ie: commas, periods, asterisks, hyphens, etc.] Using periods in the city name will cause an error. Acceptable: "St Petersburg" or "Saint Petersburg" Unacceptable: "St. Petersburg"
8	What is the Max System Price?	The max EPC Total Payment price is $150,000, and deals sold higher are subject to stipulations and change orders.
9	Co-Applicants allowed?	Co-applicants are permitted - See our co-applicant article for full details.
10	Who will receive the credit application email?	The application email will be sent only to the Primary Applicant.
11	My customer's score has improved. When can they re-apply?	Customers are free to re-apply at anytime as credit reports are updated periodically. However, it is important to note that recent changes might not be reflected if a credit check is performed immediately after a credit event.
12	Will Customer Receive a Cancellation Notice?	Cancellation Notifications are sent via email to the customer whenever an account is cancelled in the finance portal and has previously reached the M0 milestone. Included in the communication will be: LightReach account ID number EPC name (Org Name) Street address Projects cancelled before reaching the M0 milestone, will not receive a cancellation notice.
13	I see DOB, is this required?	No, DOB is optional, but may help in providing favorable results.