A process of evaluating and determining whether potential bidders have the skill, judgment, integrity, sufficient financial resources, and ability necessary to the faithful performance of a contract for construction or repair work.
What is the purpose of pre-qualification?
Pre-approval and pre-qualifications are dependent on the lender’s review of the borrower’s creditworthiness. This is a marketing tactic used by the lender to get new customers for things like credit cards and mortgages.
What pre-qualification means?
If the creditor has done a basic review of your creditworthiness, you’re likely to qualify for a loan or credit card. When a consumer submits a prequalification application for a loan or card, this process begins.