New Credit Score Requirements
- Rafael Gonzalez
Background: Everbright has updated our credit requirements for financing by raising the minimum credit score.
The following Information will guide support agents regarding interactions with Sales Representatives and Installers in relation to the new credit score requirements
Changes to Credit Score Requirements:
Starting on Friday, October 18th, 2024, The minimum Credit Score required for all of the company’s financing option in all markets will be 700
Any Applicaton with a Credit Score below 700 will no longer qualify for “Conditional Approval” that previously required additional Debt To Income (DTI) Documentation
However: Conditional approvals will still apply for Fraud and Identity Verification purposes (Fraud & Identity Stips)
The Project cost cap remains at $150,000
Credit approvals prior October 18th:
Credit approvals issued Before October 18th 2024 will follow the previous credit score requirement of 670
However: If a contract is not signed before the 60 day credit approval expiration date: The credit score will be re evaluated based on the new criteria (700 Minimum)