I understand that it is policy for Verizon to charge a deposit if you have no credit. However, several people i work use verizon, and i asked them if they had to pay a deposit. The people I asked said no. I asked if they had any credit at the time; they looked at me funny and said no. They hadn't heard of needing to pay a deposit if you have no credit. So I'm confused. How is it policy if my coworkers didn't know about it and didnt have to pay the deposit even when they had no credit? What's going on here?
That doesn't mean they have to owe money to someone. It means that if Verizon pulls a credit report on you, you have a good credit score and a good record of on-time payments. Almost everyone would have a credit score unless they are kids who have never had a credit card or bought anything using credit. In that case, Verizon would most likely want a deposit because they have no way to determine you can or will make your monthly payments.
Hi jrock7. I understand your concern about a security deposit when coworkers didn't have to pay one. But I assure you that every single contract account goes through a credit check to see if a deposit is needed. It may be up to $400 depending on how the credit score is returned, but we have a fantastic team that reviews your account after 1 year to see if it can be refunded. If a low credit score and security deposit is worrying you, we have a fabulous Prepaid service at www.vzw.com/prepay where there's no credit check required.
Please follow us on Twitter @vzwsupport