Extremely concerning experience. Proceed with caution.
We initiated an application process and did not sign a factoring agreement, security agreement, or activate any credit facility. Despite this, UCC filings were placed against our company in multiple states during the application stage.
During several conversations with the sales representative, the process was explained in detail, including background checks and due diligence. At no point were UCC filings disclosed or explained as part of the application process, despite thorough discussions.
When we objected and decided not to move forward, we were told the filings could be removed. However, instead of the company removing the filings it initiated, we were provided a letter authorizing us to file and pay for the UCC terminations ourselves. This required us to spend time and money cleaning up a legal filing we never expected, never benefited from, and never knowingly agreed to in practice.
While the company relied on broad application language to justify this, the lack of clear disclosure upfront and the burden placed on the applicant to fix the situation raises serious concerns about transparency and business practices.
Experienced operators should ask very direct questions before submitting an application and carefully review what authority is being granted during the “application” phase.
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