Introduction: Personal Guarantee(s) can now be revoked/canceled by Credit users on a Guarantor level, if the customer requests for the same.
Business Case: Two or more owner(s) filled out a credit application with multiple, separate signatures on the Personal Guarantee. Now, one of the owners is leaving the company and wants the Credit department to revoke their signature because they are not personally liable anymore.
Credit-user Navigation & Workflow:
1. The Personal Guarantee(s) uploaded during and after application submission will be collectively displayed in the ‘Personal Guarantee’ document (which can be exported as PDF) within the ‘Credit Documents/Data’ section.
2. To revoke Personal Guarantee(s) on a Guarantor level, click on the red button next to the Personal Guarantee document within the ‘Credit Documents/Data’ section.
- An exhaustive list of PG signatory(s) would be provided, and the credit user can select for which Signatory(s) the Personal Guarantee needs to be revoked.
- Note: Adding a comment is mandatory because the Credit User needs to explain the reason behind revoking the PG(s). Additionally, any documentation regarding the same can be attached if the Credit user chooses to do so.
3. After the Credit User clicks on ‘Save Changes’, the selected PG Signatory(s) will be revoked, and the following attributes will be displayed under the ‘View Revoked Signatory(s)’ button:
- Revoked Signatory(s) [Name(s)]
- Revoked date [Date and Time stamp of Credit User action]
- Revoked by [Name of the Credit User who revoked the Signatory(s)]
- Comments [Credit User comments while revoking the Signatory(s)]
- Attached Document [Click on the Magnifying glass to view the attached PG Revocation document, if any]
- Audit log: Every revoke action will be tracked in the Audit Log with date-time stamps, Request ID, Customer name, and Credit user name displayed for Audit purposes.
- Note: The Revoked Signatory(s) will also be removed from the Personal Credit Reports (Transunion Owner Search, Experian Business Owner Profile, etc.)
The customer who originally submitted the Credit application will also be notified about the Revoked PG Signatory(s) at the same time.
- Note: The customer will be able to see the ‘Revoked’ tag if they log in or if they click the link in the Personal Guarantee Email.