As noted in our original response, Swift has only placed a soft inquiry on Mr [redacted] 's Trans Union credit file as part of the process to determine offer eligibility This process does not impact the credit score and was conducted with consent as noted in our records Swift did not place a hard inquiry on the Trans Union credit report at any time Additionally, Swift does not access any credit information from any other consumer reporting agency Our soft inquiry with Trans Union was conducted in accordance with our product processes and disclosures I am unsure how best to direct Mr [redacted] to investigate the inquiries he has mentioned but I can confirm that Swift Capital has not made those inquiries
We apologize for the procedural breakdown and will take the feedback to make improvementsWe are pleased we were able to resolve with the business owner who is now out customerWe hope to have a long and productive relationship
Mr [redacted] contacted Swift Capital on May 4, 2017, to inquire about a Swift Business Advance as a source for working capital for his business After speaking with a Business Funding expert and exploring various options, Mr [redacted] decided not to proceed with funding He has expressed concerns about repeated credit bureau inquires and the impact those inquiries may have Please assure Mr [redacted] that Swift has not placed any hard inquiries on his personal credit report Answering questions to assess a customer's eligibility for offers does not impact the personal credit score Should Mr [redacted] have chosen to move forward with funding, a hard inquiry would have been placed to finalize the underwriting process After carefully reviewing Swift's documentation, I can confirm that no hard credit bureau inquiry was made We regret that Mr [redacted] had an unpleasant experience with Swift but thank him for taking the time to provide feedback Should questions remain, I can be reached using the contact information below [redacted] Compliance Officer / Swift Capital [redacted]
Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this does not resolve my complaint For your reference, details of the offer I reviewed appear below [To assist us in bringing this matter to a close, we would like to know your view on the matter.] you state you have no inquiry but then why does all credit bureaus have you as a hard inquiry? Regards, [redacted]
Mr [redacted] contacted Swift Capital in January to request a Business Cash Advance for his business The advance was approved and funding was wired to the business checking account on January 29, In his complaint, Mr [redacted] indicates a problem with the pricing and payment arrangements for the advance provided These arrangements were clearly defined in the Future Receivables Sales Agreement (FRSA) Mr [redacted] digitally signed on January 29, Since initiating this complaint, our records indicate that Mr [redacted] has been in contact with Swift to discuss his account He was offered a discount for early payment in full, however, it appears that Mr [redacted] did not choose to remit the funds discussed The account continues on the daily payment arrangement outlined in the FRSA signed by Mr [redacted] We regret that Mr [redacted] 's experience with Swift Capital was less than satisfactory I can be contacted directly at [redacted] should additional information be needed
I regret that prior requests to remove R K Consulting from Swift's marketing lists were not honored I have, however, confirmed that this request has been completed Swift will also ensure that all associates are familiar with and following company procedures for such requests Should additional information be needed, I may be contacted directly[redacted] Compliance Officer / Swift Capital [redacted]
Our records show this account has been closed according to the terms of the agreement since mid-year This complaint was not submitted by the person who claimed to be 100% owner of the company and did not sign our agreementPer the terms of our agreement signed by the the owner, we state in multiple instances that there are fees associated with our product if we verify that the terms of the agreement were not met, as in this caseThe product we offer is not a loan and we do not charge interest, as such we do not accrue any interest charges for payment issuesHowever, we have fees for collections issues and a fee associated with taking other short term working capital, as in this case, given that we have found that we incur incremental risk when this occurs The fee is a risk premium on the collectionThese fees are enable us to manage our risk, and enable us to offer products to more businessesWe apologize for any negative experience
We have taken the opportunity to review our records as compared to the feedback provided by Mr [redacted] We agree that the product description provided by our representative during the time of application was not clear and it's evident how those conversations resulted in our customer's confusion We do offer customers payment solutions when their businesses experience times of reduced revenue These solutions, however, were not accurately described to Mr [redacted] Since receiving this complaint, we have been in contact with our customer and have worked through an agreeable arrangement We regret Mr [redacted] 's negative experience and appreciate that he took the time to provide us with the details Swift takes customer feedback seriously - even when it's hard to hear Since receiving these comments, we have provided feedback and additional training to both our sales and collections associates so that they have a better understanding of product features to share with our customers
Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and find that this resolution is satisfactory to me Regards, [redacted] ***
Swift Capital entered into an arrangement with Petersburg Auto Parts and its owner, [redacted] ***, for the purchase of future business receivables which is not a loan. The Future Receivables Sales Agreement signed by Mr. Vance provides a description of the actions Swift would take in the event... that payments were not received. Specifically, Section 8 (Our Rights Upon Default) (e) states: " We may exercise any and all rights or remedies available to a secured creditor under Article 9 of the Uniform Commercial Code or analogous state laws." Swift exercises these rights in a manner consistent with the Uniform Commercial Code. Swift makes every effort to work with businesses experiencing times of decreased revenue. Customers maintaining open communication and providing evidence of revenue status often find that a workable solution is achieved. Swift has attempted to work with this business to reach an agreeable arrangement but have not been successful in doing so.
Swift Capital offers products and services designed to help small businessesWe do this simply because we believe that small business owners should be able to access the money they may need, when they need it, based on the strength of their business Swift will, from time to time, source business information from reputable third party sources to help us direct marketing materials to businesses in the industries we currently serve Swift does not have access to or utilize any business financial information nor personal information about the business owner We regret that Mr [redacted] was inconvenienced by the materials he received As a result, we have removed Mr [redacted] and his business from future marketing efforts [redacted] Compliance Officer, Swift Capital
Mr. [redacted] applied for and received short term working capital from Swift through an agreement for the sale of future business receivables which is not a loan. As noted in his complaint, Mr. [redacted] has not been able to pay on time and is in default of the account... agreement. Also in default of his account agreement, Mr. [redacted] sought and obtained additional working capital solutions from other companies which resulted in his difficulty to pay Swift as agreed. We attempted to work through a payment solution, however, that solution also resulted in lack of payment. Swift has acted in accordance with the account agreement established and has properly responded to both emails and calls initiated by the customer. Mr. [redacted] was also provided Swift executive contact information but it is my understanding that contact has not been made. Should additional details be required to address the handling of this account, I may be contacted directly.
Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and find that this resolution is satisfactory to me Regards, [redacted]
Swift values each customer relationship and strives to be transparent in all communication with both existing and potential customers As indicated in Mr***’s complaint, he contacted Swift in response to a renewal offer During our assessment of the business bank account statements provided by Mr***, it was determined that his business did not meet the minimum eligibility criteria for renewal Mr [redacted] was advised to seek renewal again if his situation improved The customer contacted Swift again approximately days later again seeking additional funds Upon initial review, Mr [redacted] was advised that his request had been pre-qualified Pre-qualification is subject to underwriting review and approval Unfortunately, Mr***’s request for additional funding was declined in accordance with guidelines Mr [redacted] has highlighted an opportunity to improve both process and communication at Swift Steps have been taken to enhance quality monitoring to ensure this type of experience is not repeated Should additional information be needed, I may be contacted directly.Sincerely, [redacted]
Mr [redacted] contacted Swift Capital in response to a solicitation for a business cash advance which is not a loan Mr [redacted] subsequently applied for the advance on February 10, The hard credit bureau inquiry was not obtained until the application was submitted by the applicant after agreeing to the terms and conditions During Mr [redacted] 's initial contact with Swift by phone, the general requirements were discussed Once the applications was submitted, Mr [redacted] and his business was evaluated based on a number of components as well as risk based score cards of which minimum number of deposits is a factor I regret that Mr [redacted] is dissatisfied with his experience Customer feedback is important to us and we'll leverage the comments Mr [redacted] provided when evaluating future enhancements to our processes Please feel free to contact me directly if additional information is needed at [redacted]
Mr [redacted] applied for and received a Business Advance for his company, [redacted] Trucking, in August, The Swift Business Advance is an agreement to purchase a percentage of future receivables from the business The Business Advance is not a loan In his complaint, Mr [redacted] indicates he was not aware that Swift would exercise its rights under the Uniform Commercial Code by filing a UCC Mr [redacted] also indicates he was not aware of the total cost for the funding transaction he contractually agreed to Swift is careful to provide disclosures, transaction details, as well as terms and conditions in a transparent manner The items Mr [redacted] referenced were covered in detail within the Future Receivables Sales Agreement executed with Swift Swift's Head of Customer Experience contacted Mr [redacted] by phone to discuss his concerns The contract and account provisions were discussed in detail Mr [redacted] indicated he had a better understanding of the process but remained unsatisfied with his overall experience We hope that we were able to assist Mr [redacted] 's business with the funding provided and we sincerely regret that his experience was anything less than outstanding
I would like to clarify the comments sent previouslyHopefully this makes sense and ties together the messages from Swift Capital. - a social security number is required to submit an applicationEven if an ACTUAL social security number was not provided, some numbers must have been entered to be able to submit an applicationThis application could not have been submitted if the fields were left blank, as that is a required fieldTherefore, some numbers must have been entered - Swift Capital not only uses the social security number to pull credit, but it also uses a name and address, which many times is sufficient to check a credit history, as in this case - As previously disclosed, we mention in multiple areas in our terms and conditions that the applicant grants Swift Capital authorization to check credit historyIt is the opinion of Swift Capital that we appropriately set up a process to require certain fields completed prior to submitting an application, and properly disclosed what each applicant agrees to in our terms and conditions
Swift Capital strives to create long lasting relationships withcustomersWe take every complaint seriously and research the details andevents that transpired, both to make sure we are following procedures, and toevaluate performanceIn this situation, the business owner was in default formultiple
reasons, including taking additional financing from other providers, missinga total of payments, making promises to pay that were not honored, and theowner was unwilling to cooperate with requests for additional information.Swift Capital legal counsel sent a redacted bank account statement foridentification purposes for collection purposes, as the vendor did notrecognize the business nameEvery business is unique and the Swift Capitalrisk mitigation team works with many customers in need of assistance to come upwith workable solutionsOn occasion, we unfortunately need to pursuecollecting funds by enforcing our rights under our agreementsOnce wereceive confirmation that final ACH payment has cleared, we will return anyexcess collections (if any), provide a payoff notification, and remove the UCClienThe expected date to finalize these activities is September 18,
As noted in his complaint, Mr*** obtained funding from Swift Capital in March, This funding was not a loan, rather, an advance on his business' future receivables Mr*** agreed to the terms of this advance by electronically signing the Future Receivables Sales
Agreement (FRSA) which states: "Business cannot sell its future receivables to anyone else or enter into a financing arrangement requiring daily or weekly remittances during the term of this agreement without purchaser's prior written consent Violation of this agreement will result in an event of default and the assessment of certain fees Mr*** subsequently contacted Swift to inquire about additional funds Swift conducted due diligence as part of the underwriting process and identified similar outstanding business financing which triggered the application of the fee We have conducted a thorough review of the account and Mr***'s payment history Because the advance has been paid as agreed, we have taken action to remove the outstanding balance resulting from the fee in question Should additional information be required, I may be contacted directly at:***
As noted in our original response, Swift has only placed a soft inquiry on Mr [redacted] 's Trans Union credit file as part of the process to determine offer eligibility This process does not impact the credit score and was conducted with consent as noted in our records Swift did not place a hard inquiry on the Trans Union credit report at any time Additionally, Swift does not access any credit information from any other consumer reporting agency Our soft inquiry with Trans Union was conducted in accordance with our product processes and disclosures I am unsure how best to direct Mr [redacted] to investigate the inquiries he has mentioned but I can confirm that Swift Capital has not made those inquiries
We apologize for the procedural breakdown and will take the feedback to make improvementsWe are pleased we were able to resolve with the business owner who is now out customerWe hope to have a long and productive relationship
Mr [redacted] contacted Swift Capital on May 4, 2017, to inquire about a Swift Business Advance as a source for working capital for his business After speaking with a Business Funding expert and exploring various options, Mr [redacted] decided not to proceed with funding He has expressed concerns about repeated credit bureau inquires and the impact those inquiries may have Please assure Mr [redacted] that Swift has not placed any hard inquiries on his personal credit report Answering questions to assess a customer's eligibility for offers does not impact the personal credit score Should Mr [redacted] have chosen to move forward with funding, a hard inquiry would have been placed to finalize the underwriting process After carefully reviewing Swift's documentation, I can confirm that no hard credit bureau inquiry was made We regret that Mr [redacted] had an unpleasant experience with Swift but thank him for taking the time to provide feedback Should questions remain, I can be reached using the contact information below [redacted] Compliance Officer / Swift Capital [redacted]
Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this does not resolve my complaint For your reference, details of the offer I reviewed appear below [To assist us in bringing this matter to a close, we would like to know your view on the matter.] you state you have no inquiry but then why does all credit bureaus have you as a hard inquiry? Regards, [redacted]
Mr [redacted] contacted Swift Capital in January to request a Business Cash Advance for his business The advance was approved and funding was wired to the business checking account on January 29, In his complaint, Mr [redacted] indicates a problem with the pricing and payment arrangements for the advance provided These arrangements were clearly defined in the Future Receivables Sales Agreement (FRSA) Mr [redacted] digitally signed on January 29, Since initiating this complaint, our records indicate that Mr [redacted] has been in contact with Swift to discuss his account He was offered a discount for early payment in full, however, it appears that Mr [redacted] did not choose to remit the funds discussed The account continues on the daily payment arrangement outlined in the FRSA signed by Mr [redacted] We regret that Mr [redacted] 's experience with Swift Capital was less than satisfactory I can be contacted directly at [redacted] should additional information be needed
I regret that prior requests to remove R K Consulting from Swift's marketing lists were not honored I have, however, confirmed that this request has been completed Swift will also ensure that all associates are familiar with and following company procedures for such requests Should additional information be needed, I may be contacted directly[redacted] Compliance Officer / Swift Capital [redacted]
Our records show this account has been closed according to the terms of the agreement since mid-year This complaint was not submitted by the person who claimed to be 100% owner of the company and did not sign our agreementPer the terms of our agreement signed by the the owner, we state in multiple instances that there are fees associated with our product if we verify that the terms of the agreement were not met, as in this caseThe product we offer is not a loan and we do not charge interest, as such we do not accrue any interest charges for payment issuesHowever, we have fees for collections issues and a fee associated with taking other short term working capital, as in this case, given that we have found that we incur incremental risk when this occurs The fee is a risk premium on the collectionThese fees are enable us to manage our risk, and enable us to offer products to more businessesWe apologize for any negative experience
We have taken the opportunity to review our records as compared to the feedback provided by Mr [redacted] We agree that the product description provided by our representative during the time of application was not clear and it's evident how those conversations resulted in our customer's confusion We do offer customers payment solutions when their businesses experience times of reduced revenue These solutions, however, were not accurately described to Mr [redacted] Since receiving this complaint, we have been in contact with our customer and have worked through an agreeable arrangement We regret Mr [redacted] 's negative experience and appreciate that he took the time to provide us with the details Swift takes customer feedback seriously - even when it's hard to hear Since receiving these comments, we have provided feedback and additional training to both our sales and collections associates so that they have a better understanding of product features to share with our customers
Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and find that this resolution is satisfactory to me Regards, [redacted] ***
Swift Capital entered into an arrangement with Petersburg Auto Parts and its owner, [redacted] ***, for the purchase of future business receivables which is not a loan. The Future Receivables Sales Agreement signed by Mr. Vance provides a description of the actions Swift would take in the event... that payments were not received. Specifically, Section 8 (Our Rights Upon Default) (e) states: " We may exercise any and all rights or remedies available to a secured creditor under Article 9 of the Uniform Commercial Code or analogous state laws." Swift exercises these rights in a manner consistent with the Uniform Commercial Code. Swift makes every effort to work with businesses experiencing times of decreased revenue. Customers maintaining open communication and providing evidence of revenue status often find that a workable solution is achieved. Swift has attempted to work with this business to reach an agreeable arrangement but have not been successful in doing so.
Swift Capital offers products and services designed to help small businessesWe do this simply because we believe that small business owners should be able to access the money they may need, when they need it, based on the strength of their business Swift will, from time to time, source business information from reputable third party sources to help us direct marketing materials to businesses in the industries we currently serve Swift does not have access to or utilize any business financial information nor personal information about the business owner We regret that Mr [redacted] was inconvenienced by the materials he received As a result, we have removed Mr [redacted] and his business from future marketing efforts [redacted] Compliance Officer, Swift Capital
Mr. [redacted] applied for and received short term working capital from Swift through an agreement for the sale of future business receivables which is not a loan. As noted in his complaint, Mr. [redacted] has not been able to pay on time and is in default of the account... agreement. Also in default of his account agreement, Mr. [redacted] sought and obtained additional working capital solutions from other companies which resulted in his difficulty to pay Swift as agreed. We attempted to work through a payment solution, however, that solution also resulted in lack of payment. Swift has acted in accordance with the account agreement established and has properly responded to both emails and calls initiated by the customer. Mr. [redacted] was also provided Swift executive contact information but it is my understanding that contact has not been made. Should additional details be required to address the handling of this account, I may be contacted directly.
Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and find that this resolution is satisfactory to me Regards, [redacted]
Swift values each customer relationship and strives to be transparent in all communication with both existing and potential customers As indicated in Mr***’s complaint, he contacted Swift in response to a renewal offer During our assessment of the business bank account statements provided by Mr***, it was determined that his business did not meet the minimum eligibility criteria for renewal Mr [redacted] was advised to seek renewal again if his situation improved The customer contacted Swift again approximately days later again seeking additional funds Upon initial review, Mr [redacted] was advised that his request had been pre-qualified Pre-qualification is subject to underwriting review and approval Unfortunately, Mr***’s request for additional funding was declined in accordance with guidelines Mr [redacted] has highlighted an opportunity to improve both process and communication at Swift Steps have been taken to enhance quality monitoring to ensure this type of experience is not repeated Should additional information be needed, I may be contacted directly.Sincerely, [redacted]
Mr [redacted] contacted Swift Capital in response to a solicitation for a business cash advance which is not a loan Mr [redacted] subsequently applied for the advance on February 10, The hard credit bureau inquiry was not obtained until the application was submitted by the applicant after agreeing to the terms and conditions During Mr [redacted] 's initial contact with Swift by phone, the general requirements were discussed Once the applications was submitted, Mr [redacted] and his business was evaluated based on a number of components as well as risk based score cards of which minimum number of deposits is a factor I regret that Mr [redacted] is dissatisfied with his experience Customer feedback is important to us and we'll leverage the comments Mr [redacted] provided when evaluating future enhancements to our processes Please feel free to contact me directly if additional information is needed at [redacted]
Mr [redacted] applied for and received a Business Advance for his company, [redacted] Trucking, in August, The Swift Business Advance is an agreement to purchase a percentage of future receivables from the business The Business Advance is not a loan In his complaint, Mr [redacted] indicates he was not aware that Swift would exercise its rights under the Uniform Commercial Code by filing a UCC Mr [redacted] also indicates he was not aware of the total cost for the funding transaction he contractually agreed to Swift is careful to provide disclosures, transaction details, as well as terms and conditions in a transparent manner The items Mr [redacted] referenced were covered in detail within the Future Receivables Sales Agreement executed with Swift Swift's Head of Customer Experience contacted Mr [redacted] by phone to discuss his concerns The contract and account provisions were discussed in detail Mr [redacted] indicated he had a better understanding of the process but remained unsatisfied with his overall experience We hope that we were able to assist Mr [redacted] 's business with the funding provided and we sincerely regret that his experience was anything less than outstanding
Revdex.com - Swift has responded to this customer separately
I would like to clarify the comments sent previouslyHopefully this makes sense and ties together the messages from Swift Capital. - a social security number is required to submit an applicationEven if an ACTUAL social security number was not provided, some numbers must have been entered to be able to submit an applicationThis application could not have been submitted if the fields were left blank, as that is a required fieldTherefore, some numbers must have been entered - Swift Capital not only uses the social security number to pull credit, but it also uses a name and address, which many times is sufficient to check a credit history, as in this case - As previously disclosed, we mention in multiple areas in our terms and conditions that the applicant grants Swift Capital authorization to check credit historyIt is the opinion of Swift Capital that we appropriately set up a process to require certain fields completed prior to submitting an application, and properly disclosed what each applicant agrees to in our terms and conditions
Swift Capital strives to create long lasting relationships withcustomersWe take every complaint seriously and research the details andevents that transpired, both to make sure we are following procedures, and toevaluate performanceIn this situation, the business owner was in default formultiple
reasons, including taking additional financing from other providers, missinga total of payments, making promises to pay that were not honored, and theowner was unwilling to cooperate with requests for additional information.Swift Capital legal counsel sent a redacted bank account statement foridentification purposes for collection purposes, as the vendor did notrecognize the business nameEvery business is unique and the Swift Capitalrisk mitigation team works with many customers in need of assistance to come upwith workable solutionsOn occasion, we unfortunately need to pursuecollecting funds by enforcing our rights under our agreementsOnce wereceive confirmation that final ACH payment has cleared, we will return anyexcess collections (if any), provide a payoff notification, and remove the UCClienThe expected date to finalize these activities is September 18,
As noted in his complaint, Mr*** obtained funding from Swift Capital in March, This funding was not a loan, rather, an advance on his business' future receivables Mr*** agreed to the terms of this advance by electronically signing the Future Receivables Sales
Agreement (FRSA) which states: "Business cannot sell its future receivables to anyone else or enter into a financing arrangement requiring daily or weekly remittances during the term of this agreement without purchaser's prior written consent Violation of this agreement will result in an event of default and the assessment of certain fees Mr*** subsequently contacted Swift to inquire about additional funds Swift conducted due diligence as part of the underwriting process and identified similar outstanding business financing which triggered the application of the fee We have conducted a thorough review of the account and Mr***'s payment history Because the advance has been paid as agreed, we have taken action to remove the outstanding balance resulting from the fee in question Should additional information be required, I may be contacted directly at:***