If you’re not familiar with the concept of escrow, it’s important to get caught up. Extremely important, in fact. Escrow is basically an agreement between a buyer and a seller that says a third party will hold funds – in “escrow” – until a certain event happens. Usually, that condition is met when a seller delivers on his or her contractual obligations to his or her buyer. Let’s take a very relevant example, which should explain it well.
A consumer hires a credit repair company but deposits escrow funds with a third party escrow agent. The escrow agent releases the consumer’s funds to the credit repair company only if the credit repair company performed as it agreed to perform for the buyer. Make sense?
Believe it or not, until Credzu, no one has ever applied the concept of escrow to the credit services industry, such as credit repair, debt settlement, and tradelines. It’s such an obviously needed function in an industry ripe for so much abuse.
Now that you understand what escrow is and how important it is, you effectively understand the purpose of Credzu; we act as a disinterested, impartial, third-party who holds a consumer’s funds in a segregated and protected escrow account while a service provider performs credit services. The service provider only gets paid if it performs as it agreed to perform. Period.
It’s also very important to understand two things:
- We have a fiduciary responsibility to the terms of the agreement between the consumer and the service provider and not to the consumer or service provider themselves.
- Not only do we not perform any credit service what-so-ever, but it would also be a conflict of interest for us to perform any credit service. The sole and exclusive service that we provide is escrow services.