AUTHORIZED USER LEASE AGREEMENT
This Authorized User Lease Agreement (“Agreement”) is intended to be a binding agreement made by and between CreditBull Inc., hereinafter referred to as “The Company”; and the undersigned client (hereinafter “Client”), hereinafter referred to as “The Client”. By signing this agreement, Client certifies that he/she is of legal age (18), that he/she is legally authorized to enter into this agreement, that the information he/she has provided to The Company is true and complete, and authorize the actions of The Company as set forth herein, and that he/she will not use any of the services of The Company or any information provided by The Company for any unlawful purposes and/or share with any other entity.
A. A FICO Score is a three-digit number calculated from the credit information on your credit report at a consumer reporting agency (CRA) at a particular point in time. A FICO score can range from 300 to 850. It summarizes information in your credit report into a single number that lenders can use to assess your credit risk quickly. Lenders use your FICO Scores to estimate your credit risk and how likely you are to pay your credit obligations as agreed, based on your actual borrowing and repayment history. A person with a high FICO score is more likely to receive a loan or mortgage from a financial institution. Your FICO Scores may also be used when you apply for car insurance, utility services, etc.
B. The term “Boostline” used throughout this agreement, however refers more generally to a line of revolving credit, such as a credit card and/or other credit lines which forms the basis of the credit bureau report Boostline. The act of adding a client to another person’s Boostline consists of adding the client as an “Authorized User” on that person’s line of credit, resulting in the Boostline also appearing on the Client's credit bureau report.
C. The Company has access to one or more undisclosed private individuals (“Cardholder”) who have been evaluated and received a FICO score based on the credit history of those private individuals. Each such Cardholder possesses a positive FICO credit score and has agreed to maintain a continually positive credit history along with a low balance on the accounts leased by The Company.
D. Each Cardholder possesses one or more credit card accounts/loan accounts that have the capability to add “authorized user Boostline” to those accounts. The Company has contracted with each of these Cardholders/Loanholders to allow The Company to add The Client as an authorized user to one or more of Cardholder’s credit card accounts/loan accounts, if The Client meets all qualifying criteria and complies with all terms and conditions in this Agreement.
E. The Company desires to lease one or more authorized user Boostlines on these credit card accounts/loan accounts to The Client for a definite period of time to be determined by The Company.
F. The Client desires to lease one or more authorized user Boostlines through The Company on the credit card accounts/loan accounts of one or more Cardholders/Loanholders.
G. Prior to services being rendered, The Client agrees to provide The Company with a current and updated credit report showing The Client’s entire credit history, as represented by all three major credit reporting agencies.
NOW, THEREFORE, in consideration of the mutual covenants, promises, representations, and warranties contained in this Agreement, the parties hereto agree as follows:OBLIGATIONS OF THE CLIENT:1. Warranty of Credit Worthiness. The Client warrants to The Company that The Client has used due diligence best efforts to become credit worthy prior to submitting a written request to The Company to add The Client’s name as an authorized user on a credit card account accessible to The Company.
2. Personally Identifiable Information. The Client shall submit to The Company all necessary personally identifiable information of The Client to permit The Company to use its contractual relationships with one or more Cardholders/Loanholders so that they can attempt to add The Client as an authorized user to one or more credit card accounts/loan accounts they own. At a minimum, the necessary personal information of The Client shall include The Client’s full legal name, verifiable social security number, street address, and telephone number. Client agrees that he/she shall not use, provide, or submit to The Company, any alternate Social Security Number (SSN), Credit Protection Number (CPN), Employer Identification Number (EIN), Taxpayer Identification Number (TIN), or other similar information that is false, fraudulent, illegal or unauthorized. Upon the discovery of such false, fraudulent, illegal or unauthorized information, The Company shall have the absolute right to terminate this agreement, discontinue its services, and reverse any services previously performed (ie, remove the Client from any Boostlines to which he/she has been added by The Company). Client agrees that in that event, any and all fees, costs and other money and funds of any kind paid to The Company shall not be refunded to Client, but shall be retained by The Company and considered to be liquidated damages for Client’s breach of this agreement. It is further understood and agreed that The Company’s damages in that event shall not be limited to the fees, costs and other money and funds described above, and that The Company does not hereby waive its entitlement to any other damages to which it may be entitled in law or equity.
3. Payment. The Client shall pay The Company for each authorized user position The Client leases from a Cardholder through The Company, contemporaneous with The Client’s submission of The Client’s personal information to The Company. The total amount of the required payment and the authorized user Boostlines The Client wishes to lease are set forth on the attached Authorized User Lease Agreement Addendum (the “Addendum”). This payment shall be made to The Company by GreenPay via bank account and/or Stripe merchant credit card account, via The Company’s website, or over the phone with The Company directly.
4. Confidentiality/Non-Disclosure/Non-Disparagement. Client understands and acknowledges that during the term of this Agreement, Client will have access to and become familiar with various trade secrets of the Company, consisting of patterns, processes, compilations of information and records that are owned by the Company and that are regularly used in the Company’s operation. Client understands that Client and/or Client’s agents or representatives is/are prohibited from either directly or indirectly disclosing any of these trade secrets or using them in any way, either during the term of this Agreement or at a later time. Client understands that if the Company decides, at its sole discretion, that the potential Client is not a good fit for the services provided by the Company, it may choose at any time not to take on the potential Client. Client further acknowledges that this Agreement is of substantial significance to the Company and if potential Client were to breach this Agreement, it will result in substantial harm to the Company. Consequently, if such breach is proven, then Client shall be liable to the Company for reasonable attorney fees, as well as, any and all costs the Company incurs to establish such breach along with damages of, at a minimum, two thousand dollars ($2,000.00), as well as any other damages and/or injunctive relief ordered by a court. This clause shall survive any termination of this Agreement and any breach of this clause that may come after agreeing to this Non-Disclosure Agreement. Client agrees not to make, publicly or privately, any disparaging or derogatory remarks or otherwise make statements that would injure the business or reputation of the Company, the Company’s employees, agents or attorneys, including but not limited to comments on social networking sites (i.e. Facebook, Instagram, LinkedIn, Snapchat, Twitter and/or blogs, etc.). The Client also will not record or video any portion of the appointment without The Company's knowledge and consent. Client also will not make, publicly or privately, any disparaging or derogatory remarks or otherwise make statements that would injure the business or reputation of the credit bureaus or any credit lines used, including but not limited to comments on social networking sites (i.e. Facebook, Instagram, LinkedIn, Snapchat, Twitter and/or blogs, etc.). This includes statements made by Client directly or indirectly or by Client’s agents or representatives. Client further acknowledges that this Non-Disparagement paragraph is of substantial significance to the Company and if Client were to breach this provision it will result in substantial harm to the Company. Consequently, if such breach is proven, then Client shall be liable to the Company for reasonable attorney fees and any and all costs the Company incurs to establish such breach along with damages of, at a minimum, one thousand dollars ($1,000.00), as well as any other damages and/or injunctive relief ordered by a court. This Non-Disparagement paragraph shall survive any termination of this Agreement and any breach of this Agreement. By signing below, both parties agree to the terms listed above and all penalties if this Agreement is broken. This Agreement is for the protection of information of all parties. This Agreement also protects all parties for any non-agreeance of opinion, and any derogatory comments publicly, privately, to any other companies, and any type of social media.
5. Assumption of Risk. The Client understands and assumes the inherent security risks involved with the provision, delivery or transfer of The Client’s confidential information to The Company, regardless of the form of transmission. Although The Company will attempt in good faith to safeguard and protect The Client’s confidential and personally identifiable information, The Company cannot guarantee that this confidential information will not be stolen or accessed by an unauthorized third party. Accordingly, The Client assumes all risk for any breach of confidentiality or security that may occur with respect to the sharing of The Client’s confidential information with The Company. The Client acknowledges and agrees that any actual damage it suffers as a result of The Company’s intentional or grossly negligent failure to safeguard and protect The Client’s confidential information shall be subject to the Limitation of Liability provision set forth below.
6. Duty to Disclose. The Client is under a continuing duty to disclose to every potential grantor of credit at the time The Client applies for credit from that grantor that (i) The Client has been added as an authorized user to one or more credit card accounts/loan accounts of one or more Cardholders/Loanholders; and (ii) The Client is not a direct family member of the Cardholder(s). The Client assumes all liability of any kind if The Client fails to disclose the above information to a potential grantor of credit. The Client shall indemnify, save, and hold The Company harmless from all claims or damages of any kind that may be asserted against The Company by a potential credit grantor of The Client because of an alleged failure by The Client to comply with this provision.
7. Addition of Authorized User. Upon receipt of The Client’s personal information and the payment of the total lease fee set forth in the Addendum, The Company shall use its best efforts to have The Client added to one or more credit card accounts/loan accounts as an authorized user by the Cardholder(s). The Client acknowledges that The Company must transmit certain of The Client’s personally identifiable information to Cardholder(s) for this purpose.
8. If a Cardholder is able to add The Client to one or more credit card accounts/loan accounts, then The Company shall retain the lease payment specified in the Addendum for each authorized user position to which The Client has been successfully added and provide email notification to The Client that The Client has been successfully added to one or more credit card accounts/loan accounts as an authorized user.
9. If the Cardholder is unable to add The Client as an authorized user, The Company retains the right, in its discretion, to provide The Client with access to an alternate credit card having age and/or credit limit characteristics that are substantially similar to the original card. If The Company is unable to do so, The Company shall return the lease payment to The Client.
10. Should the credit card fail to report to the credit bureaus in the way anticipated by the The Company, The Company retains the right, in its discretion, to replace the originally leased credit card with an alternate credit card having age and/or credit limit characteristics that are substantially similar.
11. In the event that the Cardholder’s account(s) on which The Client is an authorized user reports to one or more of the three major credit bureaus as either closed or terminated, the parties acknowledge that each credit bureau determines whether the payment history for that closed or terminated credit card account will continue to be calculated into The Client’s credit score. If the credit limit for a closed or terminated credit card is not calculated into the score, it may reduce the benefit that a closed or terminated credit card has to the utilization ratio variable in the credit scoring model. If a credit card reports as closed or terminated prior to the expiration of the lease term, and if The Client informs the The Company of such an event prior to the expiration of the lease term, the The Company retains the right, in its discretion, to replace the originally leased credit card for the balance of the lease term with an alternate credit card having age and/or credit limit characteristics that are substantially similar.
12. The Company requires that Cardholders/Loanholders agree that they will maintain a low balance on the creditline(s) to which The Client is added as an authorized user. By signing this Agreement, The Client acknowledges and agrees that a balance may exist on the credit card account(s) to which The Client is added as an authorized user.
13. Sharing of the Personal Information of The Client. “Personally identifiable information” includes, but is not limited to: the personal name, social security number, email address if any, street address, and telephone number if any, of The Client; or, any other information or characteristics that could be used to identify The Client. The Company shall not distribute, sell, or otherwise transfer to any third party (besides the Cardholder(s)) the personal information of The Client without the prior written consent of The Client. The Company shall not use the personal information of The Client in any way except as authorized by this Agreement. The Company shall not retain the personal information of The Client in any files or other recording medium of any kind for more than 90 days following the termination of this Agreement unless The Client elects to extend or renew the lease term. Disclosure of the personal information of The Client by The Company in violation of this provision constitutes a material breach of this agreement and is just cause for termination.
ARBITRATION AGREEMENT; WAIVER OF TRIAL BY JURY; CLASS ACTION WAIVER:
14. Applicability of Arbitration Agreement. All claims and disputes (excluding claims for injunctive or other equitable relief as set forth below) in connection with the Terms or the use of the Services provided by CreditBull that cannot be resolved informally or in small claims court must be resolved by binding arbitration on an individual basis under the terms of this Arbitration Agreement. This Arbitration Agreement applies to you and CreditBull, and to any affiliates, agents, employees, predecessors in interest, successors, and assigns, as well as all authorized or unauthorized users or beneficiaries of the Services provided under the Terms.
15. Arbitration Rules. Any dispute, claim or controversy arising out of or relating to this Agreement or the breach, termination, enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate, shall be determined by arbitration in Broward County before one arbitrator(s). The arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures. Judgment on the Award may be entered in any court having jurisdiction. This clause shall not preclude parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction.
Waiver of Class or Consolidated Actions. You agree that any legal proceeding shall be limited to the dispute between us and you individually. To the fullest extent permitted by law, (i) no legal proceeding shall be joined with any other; (ii) there is no right or authority for any dispute to be arbitrated or resolved on a class action-basis or to utilize class action procedures; and (iii) there is no right or authority for any dispute to be brought in a purported representative capacity on behalf of the general public or any other persons. You agree that you may bring claims against us only in your individual capacity and not as a plaintiff or class User in any purported class or representative proceeding.
RIGHTS, DUTIES AND OBLIGATIONS OF THE COMPANY:17. Money Back Policy. The Company does not guarantee the results of any of it’s services performed by The Company for the individual client to increase the client’s credit scores on any of the 3 credit bureaus. The Company does, however, guarantee that if The Company cannot increase the client’s credit score with at least one of the three credit bureaus, within 2 years, the company shall refund the client all monies paid to The Company.
18. Voiding Money Back Policy. If The Company becomes aware that The Client has defaulted on a loan, mortgage agreement, taxes, and/or any other type of credit of any kind during the term of this Agreement, then The Company shall have the right to immediately terminate the Money Back Policy. If The Company becomes aware that The Client has made any late payments on any loans, mortgage agreement, and/or other type of credit line of any kind during the term of this Agreement, then The Company shall have the right to immediately terminate the Money Back Policy. If The Company becomes aware that The Client has negatively affected their credit scores of any 3 credit bureaus during the term of this Agreement, then The Company shall have the right to immediately terminate the Money Back Policy. The Client must make aware, and be granted permission by The Company during this agreement if client Unfreezes credit of any of the 3 bureaus, and/or uses their credit for any reason whatsoever, then The Company shall have the right to immediately terminate the Money Back Policy.If The Client decides to terminate this contract prematurely, The Client Voids Money Back Policy, and the Client will still be obligated for all monies due.
19. Limitation of Liability. The liability of The Company for any type of alleged damage claimed by The Client because of an alleged material breach of this Agreement or any other action or omission by The Company, whether in contract, tort or otherwise, shall be limited to the lease amount paid by The Client to The Company under this Agreement.
20. For the purposes of security and to protect the primary account holder, the Authorized User agrees to obtain separate express permission from the primary account holder in order to make any credit card charges. The Authorized User acknowledges that incurring charges without the primary holder's separate express permission adversely affects the primary account holder and adversely affects The Company's business and goodwill.
21. Accordingly, in the event that Authorized User causes the primary account holder's account to incur charges without having received separate express permission from the primary account holder, Authorized User shall be liable to The Company for the amount charged as liquidated damages. As an alternative remedy, The Company shall have the right to bring suit for actual damages as a result of the breach of this agreement. The remedies stated are not exclusive and The Company shall have the right to pursue any and all remedies available at law and in equity, including claims for damages, injunctive, or declaratory relief. For the purposes of any suit seeking injunctive relief, the breach of this agreement shall constitute irreparable harm for which there is no adequate remedy at law.
22. This agreement shall be governed by the law of the State of Florida. Broward County Circuit Court shall have exclusive jurisdiction to hear the claims unless otherwise agreed to by the parties. Venue for any such action shall be in Broward County, Florida unless otherwise agreed to by the parties. In any action filed to enforce this agreement, the prevailing party shall be entitled to a reasonable attorney's fee at all trial and appellate levels.
A. Authority to Act. Each party warrants to the other party that the party possesses actual, legal authority to enter into this Agreement. The Company warrants to The Client that The Company has taken all actions required by its procedures, by-laws, and/or applicable implementing laws to exercise that authority, and to lawfully authorize its undersigned signatory to execute this Agreement on its behalf.
B. Assignment. The Client shall not assign any rights of The Client nor delegate any duties of The Client under this Agreement without the prior written consent of The Company.
C. Binding Effect. Except as otherwise provided for herein, this Agreement shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors and permitted assigns.
D. Force Majeure. Neither party shall be liable in damages or have the right to terminate this Agreement for any delay or default in performing hereunder if such delay or default is caused by conditions beyond its control including, but not limited to Acts of God, Government restrictions (including the denial or cancellation of any export or other necessary license), wars, insurrections and/or any other cause beyond the reasonable control of the party whose performance is affected.
E. Modification and Amendment. No modification of this Agreement shall be effective unless that modification is agreed to by both parties in writing. Any such written modification shall become an amendment to this Agreement and shall become effective as of the date set forth in that written amendment.
F. Representatives and Notice. For the purpose of this Agreement, the individuals identified below are hereby designated as representatives of the respective parties to this Agreement for notice purposes.
G. All notices that are required or permitted to be given by the parties hereunder may be made by: electronic mail; hand delivery; by first class mail, postage prepaid; or, by certified mail, return receipt requested, to the individuals identified above at the addresses set forth above. Either party may from time to time designate in writing substitute persons or addresses to which such notices shall be sent.
H. Severability. If any provision hereof is invalid or unenforceable, then, to the fullest extent permitted by law, the other provisions hereof shall remain in full force and effect and there shall be deemed substituted for the provision at issue a valid, legal, and enforceable provision as similar as possible to the provision at issue in order to carry out the intentions of the parties hereto as nearly as may be possible.
I. Waiver. The failure by any of the parties to enforce at any time, or for any period of time, any one or more of the terms or conditions of this Agreement, or a course of dealing between the parties, shall not be a waiver of such terms or conditions or of such party’s right thereafter to enforce each and every term and condition of this Agreement.
J. Venue and Jury Trial Waiver. The exclusive venue for any action related to disputes arising out of the making, performance or breach of this Agreement shall be the state courts located within Broward County, Florida. THE PARTIES EXPRESSLY AND KNOWINGLY WAIVE ANY RIGHT TO A JURY TRIAL IN THE EVENT ANY CLAIM OR ACTION ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT IS ASSERTED OR COMMENCED IN ANY COURT.
K. Choice of Law. This Agreement shall be interpreted in accordance with the laws, rules, and regulations of the state of Florida without regard to its conflicts of law principles.
L. Entire Agreement and Integration Clause. This Agreement integrates the whole of all agreements and understandings of any sort or character between the parties concerning the subject matter of the Agreement and any other dealings between the parties and supersedes all prior negotiations, discussions, or agreements of any sort whatsoever, whether oral or written, relating to the subject matter of this Agreement. There are no representations, agreements, or inducements, except as set forth expressly and specifically in this Agreement. There are no unwritten, oral, or verbal understandings, agreements, or representations of any sort whatsoever.
The Company and Client understand and agree to the terms of this Agreement. This Agreement shall be executed by facsimile signature, if necessary.
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Signed by Brandon Barron
Signed On: February 8, 2022
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Document Name: AUTHORIZED USER LEASE AGREEMENT
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