What does it cost to pull a credit report?
See full pricing details on this page: Credit Report Pricing
Are credit report pulls hard or soft inquiries?
Equifax and Experian pulls are soft inquiries. TransUnion pulls are hard inquiries.
When signing up for the integration, the credit check on the principal is a soft pull through Equifax.
Why does NextChapter ask for the principal's SSN and business bank information?
All information collected during the setup process is submitted to Xactus and is required by the credit bureaus as part of their initial vetting process.
If you are not comfortable providing a bank account number, you can substitute a voided business check or business bank statement, but a business bank reference is still required. For the bank reference section, Xactus needs the institution name, address, phone number, and date opened. The account number itself can be omitted.
Note that the system does not accept a checking account number and routing number directly. If paying by checking account, you will need to provide the 16-digit debit card number and expiration date instead.
Can I set up the integration without having my personal credit pulled?
It depends on your business type and how long you have been in business.
Personal credit pull is required for:
Partnerships and Sole Proprietorships, regardless of how long the business has been established
Corporations and LLCs in business for less than one year
Personal credit pull is not required for:
Corporations and LLCs in business for more than one year
If you are not a sole proprietor and have a tax ID and business license, you can bypass the personal SSN portion entirely.
If you would like to request that the principal's credit not be pulled, John Paskey must be notified immediately so he can update the account application. The final determination on whether a credit pull is required is made by Kate Dwyer in the Compliance Department.
Is a home address required during setup?
Not necessarily. Xactus only needs a valid billing address and the physical address where daily business is conducted. If your home address is not your office location, billing address, or the billing address tied to your credit card, it can be bypassed.
What is the business reference section asking for?
This section is asking for a reference from another business that can speak to your firm's payment history. This could be a third-party vendor, courier service, internet provider, bank, or any utility bill in the firm's name.
Can I set up the integration if I work out of a shared office space?
Generally yes, but there are specific requirements. There must be a locking door separating your workspace from anyone else sharing the space, along with visible signage, a shredder, and locking file cabinets.
What happens during the onsite inspection?
An inspector will visit at a pre-scheduled time that works for you. During the inspection they will verify and photograph the following:
Signage on the outside and inside of the building (must be permanent, not paper taped to a door)
Whether the space is shared and whether there is a separate locking door
Locking file cabinets or locking desk drawers
A shredder or shredding bin
PC equipment, any on-site servers, and security equipment
They will also confirm a series of compliance questions during the visit.
Inspection costs: Residential office inspections are $150. Commercial office inspections are $75. More information in this article: Credit Report Onsite Visit
What are the requirements for a home office setup?
Residential setups are permitted but are limited to TransUnion only. Experian and Equifax do not allow residential configurations.
Requirements include a separate room with a locking door from the rest of the living quarters. Signage is not required for residential setups. A physical inspection will still be conducted, and photos will be taken of the locking door, shredder, locking file cabinets, and workstation.
Annual onsite inspections are required for residential office locations. For more information on residential set-ups, see this article: Residential Office Credit Report Integration
What happens if I haven't pulled a report in a long time?
If a report has not been pulled in six months, Xactus will re-vet the firm on their end but does not require a new application.
If a report has not been pulled in one year or longer, Xactus requires an updated Credit Report Integration application. If the firm has also moved to a new address, a new onsite inspection will be required as well.
Who do I contact with questions or issues?
For general Xactus support: nextchapter@xactus.com
For billing questions: xactusbilling@xactus.com (800) 258-3488 Ext. 1403