Do you feel like you have a credit check for almost everything life requires? Bad credit could deny you everything you need to live your life. Electric service is a necessity, but you need good credit to get it. At the very least, without good credit you will pay a hefty deposit to get power.
The cycle is frustrating and can seem never ending. How can you get ahead if you can’t even get what you need? There is good news if you look beyond all the bad credit delays and dilemmas. Instead of a credit check and deposit, it is possible to get your power on today. The answer to your problem is a prepaid power plan from Pogo Energy. Pogo has made getting electricity fast and easy by being a different kind of electric company that doesn’t run the same checks or require the same deposit or commitment that other electric companies do.
Why your credit matters
Before we can tell you how we can get away with not running a credit check, we need to share why some electric companies do these things and what they are looking for and considering.
Payment History: A credit check helps assess your past payment history with other creditors. If you have a good credit history, it indicates that you are likely to make timely payments for your electricity bills as well.
Risk Assessment: Electric companies want to minimize the risk of non-payment. A credit check allows them to evaluate the financial risk associated with providing service to a particular customer and determine if additional steps or precautions are needed.
Deposit Determination: Based on the credit check results, the electric company may require a security deposit from customers with lower credit scores. This deposit acts as a safeguard for the company in case the customer fails to pay their bills.
Establishing Creditworthiness: For new customers without a history with the electric company, a credit check helps establish their creditworthiness. This information is valuable for the company in deciding whether to extend credit or require upfront payments.
Setting Terms and Conditions: Credit checks can influence the terms and conditions of service, such as the billing cycle, payment terms, and any special arrangements.
Fraud Prevention: Credit checks also help in preventing identity theft and fraud. Verifying the identity of customers through credit information helps ensure that the person applying for service is who they claim to be.
You can still get electric service
Back to the question: how can Pogo offer electric service without running a credit-check or requiring a deposit? The answer is yes, because electricity from Pogo Energy is on a pay-as-you-go bases. When you sign up and create an account, you make deposits into the account and create a “bank” that is used to pay for your electric usage as you use it. You keep the power on as long as your account balance remains over $0.01. Providing electricity under this model limits the risk for your electric company. It allows you, the customer, to get what you need.
When the risk to the electric company is low, we don’t have to charge a deposit that acts as a backup for a possible non-payment or late payment that may occur in the future. This allows you to put that money towards electricity that you will use. In addition to the money you keep when you do not have to pay a deposit, Pogo doesn’t have all the annoying fees others do. We also don’t have a long term contract, so you can leave if you need to without paying an early termination fee. Pogo Energy is a prepaid electric company that turns you on, even if you have some blemishes on your credit report. Having power is a necessity; we make getting it a no-hassle, no headache process.