PRESS RELEASE
WeCosign to Assist ‘Bad Credit Tenants’ Seeking
Rental Apartments
February 2008
SANTA ANA, Calif., Feb. 18 /PRNewswire/ — WeCosign, Inc. is launching a new and unique service in July of 2008 to help prospective renters live in the building of their choice, even if their credit history is a nightmare. WeCosign assists people with poor FICO (Fair Isaac Corporation) credit scores by helping them gain approval on their apartment or rental housing lease application.
WeCosign is the concept of Frank Jakubaitis. Jakubaitis created the now famous, "Apple Pre-Paid Music Card" back in 1996. "We have single moms and other couples out there with kids, trying to find a place to live,"Jakubaitis explains, "and they're denied occupancy because of a low FICO credit score. Where do they go?" Now they will have WeCosign, a company that charges a monthly service fee to the prospective tenant, in exchange for co-signing on their lease agreement. WeCosign eliminates the credit risk for the landlord, and helps a tenant with poor credit history live in their desired apartment or rental house.
After WeCosign underwrites and approves an applicant, they provide a suitable guarantee or LC to the owners of the apartment complex for the applicant’s yearly rent. After a year, the applicant is re-evaluated by the landlord and the rental payment history is reviewed. If the payment history is good the cosigner is released, if there were payment issues the cosigner stays on and continues charging a fee to the applicant. There are never any fees to the landlords under any circumstances. Applicants also pay a one time non-refundable processing fee to WeCosign when signing up for the service.
Unlike credit repair agencies WeCosign will offer immediate and affordable assistance to people with low FICO credit scores seeking rental property. To qualify for the program the applicant must meet certain
criteria, but as Jakubaitis notes, it’s based on a common sense, real world approach and not FICO scores, or credit reports. "There are lots of potential renters out there who have a job and a solid income and are just trying to start a new life," he explains. "They represent what is really going on in the world today, and they make up about 63 percent of today’s society. Good people, just trying to do what's right who maybe had an honest credit mishap somewhere along the line, that seems un-forgiven by some."
For more info, please email info@wecosign.com
