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If a Credit Service Buyer and a Credit Service Seller enter into a Credit Service Agreement on the Credzu site, these Escrow Instructions (“Escrow Instructions”) apply.
To the extent permitted by applicable law, we may modify these Escrow Instructions without prior notice. Any revisions to these Escrow Instructions will take effect when posted on the Site. The version of these Escrow Instructions in effect on the date any Credit Service Agreement is entered applies to that contract. Please check the Site often for updates.
These Escrow Instructions hereby incorporate by reference the Terms of Service (“Terms of Service”). Escrow services are provided by Credzu, LLC (“Credzu”).
When a Credit Service Buyer links its bank account to its Credzu account, approves payment requests to fund its escrow account within your Credzu account (a “Funding Approval”), and when the Credit Service Buyer and Credit Service Seller signs a Credit Service Agreement, Credit Service Buyer and Credit Service Seller are deemed to have executed these Escrow Instructions electronically, effective on the date the Credit Service Agreement is signed, pursuant to the Uniform Electronic Transaction Act and the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Sec. 7001, et seq., as may be amended from time to time (the “E-Sign Act“). Doing so constitutes an acknowledgment that Credit Service Buyer and Credit Service Seller agree to conduct the transaction electronically and can receive, download, and print these Escrow Instructions electronically. All references to the Escrow in these Escrow Instructions will include the initial Funding Approval and any additional Funding Approval for a Credit Service Agreement.
Credit Service Buyer and Credit Service Seller agree that any written communications required herein may be provided electronically, including by email or chat within Credzu. Any communication sent to Credzu via U.S. mail or similar service will be deemed timely if received by Credzu by the applicable deadline.
Once a Credit Service Buyer and Credit Service Seller have agreed to a Credit Service Agreement, and the Credit Service Buyer and Credit Service Seller digitally signed the Credit Service Agreement, these Escrow Instructions (including all of Credzu’s Terms of Service) constitute a binding agreement between Credit Service Buyer, Credit Service Seller, and Credzu (collectively, the “Parties”). Credit Service Buyer and Credit Service Seller must execute (by digital signature or by a method mutually agreed upon by both parties), and Credzu must agree to, any supplemental instruction or addition, deletion, or alteration thereto in writing (collectively the “Supplemental Escrow Instruction”). CREDZU RESERVES THE RIGHT TO REJECT ANY SUPPLEMENTAL ESCROW INSTRUCTION.
Within three (3) business days from the moment the Credit Service Buyer signs the Credit Service Agreement with the Credit Service Seller, Credit Service Buyer must fund its Credit Service Buyer Escrow Account with $999.00 (the “Escrow Deposit”). Alternatively, and only upon agreement between Credit Service Buyer and Credzu, the Credit Service Buyer can divide the Escrow Deposit into three (3) monthly payments of $333.00, with the first payment beginning three (3) business days from the moment the Credit Service Buyer signs the Credit Service Agreement with the Credit Service Seller.
Funds deposited by Credit Service Buyer remain in the Credit Service Buyer Escrow Account until they are released to the Credit Service Seller Escrow Account or released to Credit Service Buyer Escrow Account.
Credit Service Buyer and Credit Service Seller irrevocably authorize and instruct Credzu to release escrowed funds (each portion, a “Release”) based on the instructions described throughout these Escrow Instructions (each such instruction, a “Release Condition”).
Credzu shall release from Credit Service Buyer Escrow Account and refund to Credit Service Buyer Bank Account all funds remaining in Credit Service Buyer Escrow Account if and when the Credit Service Agreement is validly canceled and final updated credit reports with scores are provided to Credzu, and if and when any funds due according to these Escrow Instructions have been released and paid.
Credzu shall transfer and release from Credit Service Buyer Escrow Account to Credit Service Seller Escrow Account as described below:
$12.00 for each three-bureau credit report with scores ordered through Credzu’s website (the “Credit Report Fee”), which will be a recurring order every 45 days beginning with the first credit report order on the date the Escrow Deposit clears (or in the case of monthly installments in escrow described above, the date the first installment clears) and ending with the last credit report order on the date the Credit Service Agreement expires or is canceled by the Credit Service Seller or Credit Service Buyer. This provision applies only to reports ordered through Credzu’s website; if the credit reports and scores are unavailable through Credzu or are otherwise not ordered through Credzu’s website, then no Credit Report Fee is due.
$5.00 per point per bureau any time a Credit Service Buyer’s credit score increases after the Credit Service Agreement begins and before the Credit Service Agreement ends, calculated by comparing before and after credit scores using the following formula: Credit Service Buyer’s current score subtracted by the Credit Service Buyer’s previous highest credit score multiplied by $5.00 (a “Credit Service Fee”). THE BEFORE AND AFTER CREDIT SCORES REFERENCED AND RELIED UPON HERE SHALL BE FROM THE SAME SCORE MODELER AND SCORE VERSION. For example, if a consumer orders reports through Credzu’s website with VantageScore 3.0, then the updated scores must be from VantageScore 3.0 (whether or not the reports are from Credzu’s website).
Credzu shall release from Credit Service Seller Escrow Account and disburse to Credit Service Seller Bank Account 80% of the amount calculated in paragraph 4.2.2 of these instructions, provided that all fees described in 4.4 are paid and that any relevant release requirements described in paragraph 4.5 are satisfied.
Credzu shall release from Credit Service Seller Escrow Account to Credzu Bank Account 20% of the amount calculated in paragraph 4.2.2 and 100% of the amount calculated in paragraph 4.2.1 of these Escrow Instructions, provided any relevant release requirements described in paragraph 4.5 are satisfied.
These are additional Release Conditions with which Credzu will comply:
Credit Service Seller and Credit Service Buyer acknowledge and agree that if, in Credzu’s sole discretion, Credzu believes that fraud, illegal activity, or a violation of the Terms of Service has been committed or is being committed or attempted, then Credit Service Buyer and Credit Service Seller irrevocably authorize and instruct Credzu to take such actions as deemed appropriate, in Credzu’s sole discretion, in order to prevent or remedy such acts, including without limitation, to return the funds associated with such acts to their source of payment. This section allows Credzu—as permitted by law but otherwise in its sole discretion—to return funds to the Credit Service Buyer, continue to hold funds in Escrow, release funds to the Credit Service Seller, or turn funds over to third parties such as a relevant Court, mediator, or law enforcement.
UNDER NO CIRCUMSTANCES WILL CREDZU BE OBLIGATED TO ANYONE TO PAY, RELEASE, OR DISBURSE ESCROWED FUNDS THAT DO NOT EXIST. For example, Credzu has no obligation if a Credit Service Buyer invalidly charges back or otherwise reverses the Escrow Deposit or if a Credit Service Buyer requests a refund of escrowed funds validly disbursed to the Credit Service Seller.
A “Dormant Engagement” occurs when a Credit Service Buyer and a Seller Service Seller under a Credit Service Agreement take no action within Credzu for 90 consecutive calendar days. Credzu will email the Credit Service Buyer and Credit Service Seller when the Credit Service Agreement becomes Dormant. If Credit Service Seller and Credit Service Buyer fail to take action within seven (7) calendar days of the notice of Dormant Engagement, Credzu will proceed as if Credit Service Buyer and Credit Service Seller canceled the Credit Service Agreement and funds due to Credit Service Seller for Credit Service Fees and Credit Report Fees will be Released to Credit Service Seller, and remaining escrowed funds will be Released to Credit Service Buyer.
Credit Service Buyer and Credit Service Seller are deemed to and hereby agree that the instruction to Credzu to release funds is irrevocable and non-refundable except as provided in these Escrow Instructions. Such instruction is authorization from Credit Service Buyer and Credit Service Seller to withdraw from and/or transfer to the Credit Service Buyer’s and Credit Service Seller’s Payment Method on file at Credzu.
Because the nature of Credzu’s escrow platform produces clear, unambiguous Release Conditions, legitimate disputes between Credit Service Buyers and Credit Service Sellers (“Dispute”) are extremely unlikely. However, if a Dispute arises, it will be handled according to the following mechanisms (the “Dispute Assistance Program”):
The Dispute Assistance Program will occur entirely within the Credzu chat. This ensures that the Credit Service Buyer, Credit Service Seller, and Credzu’s escrow agent are all on the same page. Credzu’s escrow agent will inform the Credit Service Buyer and Credit Service Seller that they must attempt to resolve the Dispute independently and report the results to Credzu’s escrow agent.
Communication between the Credit Service Buyer and Credit Service Seller in pursuit of a resolution can occur outside the Credzu chat. However, such communication results must be published in the chat area for Credzu’s escrow agent to review and rely on.
The Dispute Assistance Program is to facilitate communication and potential resolution. The Dispute Assistance Program does not evaluate the quality or functionality of the work and cannot render binding judgment or determination regarding the parties’ respective rights to the disputed funds.
The Dispute may cover the entirety of the Credit Service Agreement. In the event of a Dispute, funds in Escrow will remain in Escrow while the Dispute Assistance Program is being administered. Disputes must be initiated before the funds in escrow are released to be eligible for the Dispute Assistance Program. Credit Service Buyer and Credit Service Seller must respond to disputes within 5 calendar days. Failure to timely respond to the Dispute acts as an irrevocable authorization and instruction to Credzu to release the funds in Escrow as if the Dispute did not occur.
If the Dispute is resolved between the Credit Service Buyer and Credit Service Seller, Credzu is authorized and irrevocably instructed to release Escrow funds in accordance with the agreed-upon resolution, and the Dispute will be resolved. If the Credit Service Buyer and Credit Service Seller fail to resolve the Dispute independently, Credzu’s escrow agent will decide. This decision will be final and binding.
We believe the costs associated with prolonged disputes, including mediation, arbitration, or lawsuits, will exceed the amounts in dispute. Therefore, Credzu’s decision is final to protect all parties from unnecessary financial losses. Should either party wish to pursue arbitration or legal action independently, they must initiate these actions outside of Credzu.If any party enjoins us in any action outside of our Dispute Assistance Program, they will be bound by the arbitration provision of our user agreement, which is available at https://credzu.com/tos/user-agreement/.
All Escrow funds released under the Dispute Assistance Program are subject to the normal Service Fees associated with Escrow Accounts, as detailed in the User Agreement and these Escrow Instructions.
All notices to a User required by these Escrow Instructions will be made via email sent by Credzu to the User’s registered email address. Users are solely responsible for maintaining a current, active email address registered with Credzu, for checking their registered email address and for responding to notices sent by Credzu to the User’s registered email address.
All claims, disputes or other disagreements between you and another User that are covered by the Dispute Assistance Program must be resolved in accordance with the terms in the Dispute Assistance Program. All claims filed or brought contrary to the Dispute Assistance Program will be considered improperly filed, unless otherwise required by law, and Credzu will have the right to take any other action, including suspension or termination of your User Account, as defined in Section 1.4 of the User Agreement, which may impact your ability to withdraw funds, and any other legal action as Credzu deems appropriate in its sole discretion.
Credzu, in its sole discretion, reserves the right to suspend or terminate your User Account, as defined in Section 1.4 of the User Agreement, immediately upon giving notice to you if Credzu believes you may be abusing the Dispute Assistance Program or as otherwise permitted by the Terms of Service, which may impact your ability to withdraw funds. However, any disputes for any Credit Service Agreements that existed prior to termination will be subject to the Terms of Service.
Credzu and Affiliates merely provide a platform for Internet payment services. Credzu and Affiliates do not have any responsibility or control over the Credit Service Seller Services that Credit Service Buyer purchases. Nothing in this Agreement deems or will be interpreted to deem Credzu or any Affiliate as Credit Service Buyer’s or Credit Service Seller’s agent with respect to any Credit Service Seller Services, or expand or modify any warranty, liability or indemnity stated in the Terms of Service. For example, Credzu does not guarantee the performance, functionality, quality, or timeliness of Credit Service Seller Services or that a Credit Service Buyer can or will make payments.
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