Many people want to buy your products and services, but figuring out who will actually make a good customer is more challenging. When leads arrive looking for credit, it’s not always clear if they are good for the money.
Fortunately, there is a solution: soft pull credit reports. These pulls let you see their eligibility for loans or other financial products before agreeing to a loan, mortgage, or another line of credit.
However, businesses need to be careful. They must get the customer’s consent before performing a soft pull, according to Fair Credit Reporting Act (FCRA) law. You cannot do a soft pull without it.
This post teaches you the various ways you can get consent. We then explore why you should use Soft Pull Solutions to do your soft pulls and the benefits our services offer.
As a business, you’ll need to follow a specific sequence for legally-compliant soft pulls.
The first step is to get explicit consent from customers to pull their credit. You can do this by:
Next, you must record the consent to prove a customer gave it to you after the fact.
Finally, you must store the information for a minimum of 60 months. How you store it will depend on the method the customer or applicant used to give their consent.
Companies should adopt best practices when capturing consent to maximize compliance. For instance, when asking customers to sign documents digitally, use E-SIGN software, including formal consent authorization language. When asking for confirmation over the phone, you should adopt a rigorous approach by using an approved pre-recorded message that interrupts the regular conversation with your reps. Again, this approach reduces the risk of saying the wrong thing or failing to speak in a compliant manner.
Finally, use proper authorization language when asking customers to sign consent forms in person. The best option here is to find a template or use a service to generate the specific legally-compliant language you need.
Performing soft pulls by yourself can be challenging. Your enterprise usually lacks sufficient knowledge to do it compliantly, potentially putting you at risk of legal action in the future.
Fortunately, Soft Pull Solutions can help by doing your soft pulls for you. Our service provides multiple benefits to streamline your business and improve your bottom line, reducing the amount of work you have to do each week. Here are some of the most significant ways our service helps you:
Businesses hate time-wasters, but they are incredibly common. Many people will claim they can afford the credit they need to purchase your products and services when they can’t.
Fortunately, with our quick soft pull services, you can put eligibility checking on auto-pilot. We tell you if they are suitable loan candidates quickly without the need to do it yourself. This approach means you can spend more time catering to qualified customers and less on those who lack creditworthiness.
Another benefit of Soft Pull Solutions is that we enable you to close deals and increase revenues faster. Customers get a superior experience because they can move from credit checking to the sales part of the process faster. Closing more deals enables you to drive revenue and keep your stakeholders happy.
Another reason for using our services is they help your business remain compliant. Our ready-to-go solutions meet FCRA requirements, allowing you to pass external audits with flying colors.
Lastly, our customer consent-capturing solutions and soft pulls help your business manage risk and fraud. Dishonest clients can waste time and money, and potentially put your brand’s reputation at risk. But with soft pull partners working for you, you can reduce the risk of financial crime and ensure customers are being 100 percent honest with you at all times. By viewing their credit report for pre-qualification checks, you can learn about their financial history and their dealings with other lenders.
Try Soft Pull Solutions today and see how our services can benefit your business.
Note: This article serves as general information only and does not constitute legal advice. For more comprehensive guidance specific to your situation, it is recommended to consult with a qualified attorney.