Verizon Credit Checks – If you are considering switching to Verizon Wireless, America’s largest network operator with approximately 143 million subscribers and nationwide coverage for 70% of the population, you may have questions about the Verizon Credit Check process.
In this article, we’ll give you all the information you need to know about Verizon’s credit check.
Verizon Credit Checks
When you sign up for cell phone or Internet service with Verizon Mobile, the company runs a credit check. This credit check helps Verizon assess your ability to pay for the phone or plan you’ve chosen.
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By doing this review, Verizon will determine how much they can charge you in advance and assess whether you can sustainably pay for their service. The credit check serves as a precautionary measure by Verizon to minimize potential losses if customers are unable to pay their bills.
A hard credit check occurs when a credit lender obtains your credit report with your permission to assess your creditworthiness when you apply for a new loan. This can include car loans, credit cards, mortgages or increasing your existing credit limit.
A few hard credit checks over a period of time, known as a shopping period (usually 14-45 days), can have a temporary impact on your credit score. The impact is usually small, resulting in a reduction of less than 5 points. However, multiple hard inquiries can lower your credit score by 10 points or more.
Yes, Verizon includes a hard credit check as part of the credit evaluation process. When you sign up for Verizon’s postpaid plans, which require a monthly down payment, the company does a hard credit check. However, prepaid plans do not require a hard credit check. Verizon makes these checks because cell phone service can accumulate higher bills compared to landline service.
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By running hard credit inquiries, Verizon evaluates your current debt, payment history, credit account limits, delinquent accounts and overall financial stability. This evaluation helps them determine the risk associated with your account and calculate the required security deposit.
It’s a quick and convenient online process that only takes a few minutes to complete. It is important to provide accurate and complete information during the online process to ensure an effective credit check.
In rare cases, additional documentation may be required, which may extend the duration of the credit check. However, such cases are rare and usually occur when there are problems verifying your identity or problems with the information you have submitted.
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Verizon does not charge additional fees to perform a credit check. You only have to pay for the services you have chosen. A credit check is a standard part of the application process for Verizon postpaid services and is used to assess your ability to pay for their services.
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In some cases, Verizon approves applications from people with bad credit. However, the down payment for services will be significantly higher for someone with a poor credit score compared to someone with a good credit score.
Approval of bad credit applicants depends on their specific credit score. If your credit score is too low, Verizon may not qualify you for its services. However, people with credit scores above 600-650 have an easier time getting Verizon service, and those with scores above 650-700 don’t have to pay a down payment.
For device upgrades, Verizon does not check your credit online. However, they will do an internal credit check before allowing you to upgrade your device. To increase your chances of approval, it is important to maintain a positive account balance by paying your bills on time and resolving any outstanding debts.
Verizon Fios, an Internet and TV service provider, does a credit check when you choose their service. If you have a bad credit score, Verizon may not approve you for Internet and TV service. In such cases, Verizon Fios offers prepaid Fios plans as an alternative.
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These prepaid plans allow people with bad credit to access home phone, internet and TV services without a contract. Additionally, Verizon Fio prepaid plans do not require a credit check and provide flexible payment options, including credit or debit card payments and in-person payments at Verizon stores using a kiosk.
As a leading mobile network operator, Verizon offers a wide variety of prepaid and postpaid phone plans. A Verizon credit check is performed during the sign-up process to evaluate your credit history and assess your ability to pay for their services.
While there is a strict credit check on flat rates, Verizon approves people with bad credit up to a certain limit. In cases where bad credit is an issue, Verizon Fio prepaid plans offer a viable option. In addition, Verizon conducts an internal credit check for device upgrades and emphasizes the importance of maintaining good account standing.
Unlike a hard check, a soft credit check does not affect your score and is not visible on credit reports.
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A credit score of around 600-650 is favorable for Verizon service. Higher scores may reduce deposit requirements and scores above 650-700 may not require a deposit. Changing tool suppliers is often nerve-wracking. When it comes to credit checks, the decision is carefully considered for customers.
The new product will make the process easier for both customers and store representatives, as both will use it. It will provide a breakdown of costs, can be consulted at any time and referred to complete the exchange online or in store.
Our agency, R/GA New York, has partnered with Verizon to introduce a simulator tool that helps users get the exact cost of switching cell lines.
My team was responsible for designing the credit check and payment mechanism. The product has a modern design with elegant micro-animations, which gives the user an overview of costs.
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We were investigating how we switched to a competing network and the associated costs. Our testing was done on T-mobile, Sprint, AT&T, Metro PCS, and Boost. Some competitors use tongue-in-cheek to approach customers, while others have no credit check plans.
None of the competitors had a service that would provide quotes to a customer interested in switching. Verizon was the only one to offer this simulator.
During our test, we analyzed and compared the features and services provided by Verizon and its competitors. This helped us refine and confirm our delivery list.
Jim, 45 married, has a freshman in college, a teenager, and a pre-teen CFO, high income, good credit “I want to switch to keep in touch with Brian now in college.” Need Make sure you have enough gigs for the family. Bring your own device – BYOD. Option to trade in our old phones. Change phone number. Pain Points A confusing process for BYOD. I don’t like to see too many plan sizes. Option to choose new phone numbers.
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Megan, 40, married, has a teenager and a pre-teen VP of marketing. High Income, Very Good Credit “It’s time to change and upgrade.” Need to be able to get quotes. Have a good panel of plans. Include phone numbers. Free shipping available. Pain points You don’t want to send contacts a new number. Research cannot be saved for later consultation. Not sure when the listed price includes tax.
Jake, 28 single, video editor no kids Average income, average credit “I’d like to get the latest gadgets as soon as possible.” You need to have enough concerts to stream. To have access to the latest phones. Be able to trade in an old phone. Possibility to pick up near work. Pain points You have to wait for delivery. You don’t have the latest phones. It has transport options.
The tasks for performing a credit check were easily identifiable. Incorporating the credit check into the simulator flow was a challenge. We explored several scenarios until it felt natural without diminishing the seriousness of the task.
The simulator tool solution was to be built into the original design. Drawing the existing hierarchy and adding new elements without disruption was a natural approach.
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We had a quick sprint of 2 weeks to deliver the feature set we were given. We captured a list of requirements on a corner of the whiteboard, then sketched and iterated 5 or 6 times a day, depending on the feature.
Changing the tone of voice provided more positive feedback and clarity about the impact of the actions taken.
Feedback from internal stakeholders has been positive. The design was implemented by the Verizon engineering team along with the appropriate quality control and testing 5 months later in August.
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