A Guide to Efficient Credit Pulling Over the Phone Skip to main content

A Comprehensive Guide to Pulling Credit Over the Phone

To secure client pre-approval and financing, businesses are constantly seeking efficient ways to streamline processes while maintaining customer satisfaction. One often overlooked method is pulling credit over the phone, a practice that not only accelerates the pre-approval process but also enhances the overall customer experience.

In this comprehensive guide, we dive into the benefits, best practices, and precautions associated with pulling credit over the phone, providing valuable insights for businesses, especially those in finance, lending, and related industries.

Benefits of Pulling Credit Over the Phone

In the fast-paced realm of client pre-approval and financing, leveraging the advantages of pulling credit over the phone emerges as a strategic choice, offering businesses a host of valuable benefits.

Streamlined Process for Client Pre-Approval

Initiating the credit-pulling process over the phone significantly accelerates pre-approval. Businesses stand to gain from the efficiency gains and time savings, ultimately contributing to a more agile and responsive operation.

Enhanced Customer Experience

The convenience of phone-based credit checks positively impacts customer satisfaction. Later, we’ll explore the seamless and customer-friendly nature of the process, underlining how businesses can make strides in delivering exceptional service.

Real-Time Decision-Making

In a world where timing is critical, we can’t stress enough the importance of real-time credit information. Discover scenarios where instant credit checks lead to on-the-spot decisions, ultimately contributing to better business outcomes.

Increased Sales Opportunities

Quick credit assessments enable businesses to capitalize on immediate sales opportunities, creating a direct correlation between swift credit evaluations and increased conversion rates. Leveraging this speed can translate into revenue growth.

Precautions to Take When Pulling Credit Over the Phone

Navigating the terrain of credit reporting services demands a careful approach. In this section, you’ll learn about essential precautions to ensure the highest standards of compliance, security, and client trust when conducting credit checks over the phone.

Compliance with Regulations

Staying compliant with industry regulations is not just a checkbox—it's a crucial element in building trust and avoiding legal pitfalls. Ensure your business is well-versed in the laws and guidelines governing phone-based credit pulls. Regularly update your knowledge to stay ahead of any regulatory changes, establishing a solid foundation for ethical and lawful credit reporting practices.

Data Security Measures

Protecting your clients' sensitive information is non-negotiable. Implement robust data security measures, including encryption and secure channels, to fortify your defenses against potential data breaches during phone-based credit checks. Prioritize investment in secure technologies and protocols, safeguarding both your business's reputation and your clients' confidential data.

Verification Protocols

Verifying the identity of individuals requesting credit checks over the phone is a cornerstone of responsible business practices. Establish foolproof verification methods to ensure the legitimacy of such requests. Train your staff on these protocols to minimize the risk of identity fraud and enhance the overall security of your credit-pulling process.

Employee Training and Awareness

Your employees are integral to the integrity of your credit-pulling process. Recognize that well-trained staff is your frontline defense against potential risks. Regularly conduct training programs to keep your employees updated on evolving best practices, compliance requirements, and potential risks associated with phone-based credit pulls. Investing in your team's knowledge and awareness pays dividends in maintaining a secure and trustworthy credit reporting service.

Scripts for Pulling Credit Over the Phone

Guiding your team through the intricacies of phone-based credit checks requires more than just procedures—it demands precision in communication. In this segment, we provide meticulously crafted scripts to initiate, verify information, acquire consent, and conclude the credit-pulling process over the phone, ensuring a seamless and professional experience for your business and clients.

Introduction Script

Starting with the introduction, we emphasize the importance of clarity and professionalism in communication. Set the tone right from the start.

"Hello, and thank you for choosing 'Your Company Name.' My name is [Your Name], and I'm here to assist you with our credit-pulling process. To begin, I'll provide you with a brief overview of what to expect. We value clarity and professionalism, so feel free to ask any questions at any point. Are you ready to proceed?"

Information Verification Script

This portion of the conversation aims to gather necessary details efficiently and securely without compromising client security.

"Now, let's ensure we have accurate and secure information to move forward efficiently. I'll ask you a few questions to verify your identity. Please provide your full name as it appears on official documents and your date of birth. Remember, your security is our priority, so feel free to share any concerns you may have during this process."

Consent Acquisition Script

Verbal consent is crucial when pulling a customer’s credit over the phone. This script will guide you in providing the right information to obtain verbal consent.

“You understand that you are giving verbal consent under the Fair Credit Reporting Act authorizing 'Say Company Name' to obtain information from your personal credit profile or other information from Experian, TransUnion, and/or Equifax.

“In addition, you authorize 'Say Company Name' to share with third parties the information that you as the consumer provided for the purpose of matching you with possible financing options.

“You certify that all of the information provided is true and correct. You authorize this company to obtain such information solely to conduct a prequalification for credit and immediately following your consent a soft pull credit report will be performed to help with your financing efforts. This does not have any impact on your credit score. Please respond “yes” if you give 'Say Company Name' permission to obtain information from your consumer credit profile.”

Closing Script

Concluding the phone-based credit check process professionally is as crucial as the introduction. This script provides clients with a summary of outcomes and any necessary follow-up steps, leaving a positive lasting impression.

“Thank you for completing the credit check process with 'Your Company Name.' To summarize, based on the information provided, you have successfully completed the prequalification for credit. We appreciate your trust in our services.

“In the next steps, we will [provide details on what happens next, such as contacting you with financing options or any required follow-up steps]. If you have any questions or concerns, please don't hesitate to reach out. We look forward to assisting you further. Have a great day!”

Full Script Between Business & Consumer

Here’s another example of a conversational phone script between the business and a consumer from start to finish.

End user (Business): The first step is to assist you in getting pre-approved for (say the type of financing or loan the customer is seeking). In doing so, a soft inquiry credit report must be pulled. The results of the report will not be shared with you or any other company. This will not impact your credit, and you are not formally agreeing to any terms or committing to any specific loans. Taking this step allows (say end user's name) to get you prequalified and present different financing options you may qualify for. Do you give (say end user’s name) verbal consent to access your credit report? Please say yes or no.

Consumer: Yes (or no)

End user: Thank you. Please state your full name.

Consumer: Consumer then states their first, middle, and last name.

End user: Thank you. We would like to make sure you understand under the Fair Credit Reporting Act that you are providing verbal authorization and verbal consent for (say end user’s name) to obtain information from your personal credit profile or other information from Experian, TransUnion, and/or Equifax. Please say yes or no.

Consumer: Yes (or no)

End user: Please state your full name.

Consumer: Consumer states their first, middle, and last name.

End user: Please reply by stating your full name and state that you give verbal consent for (say end user’s name) to obtain information from your personal credit profile or other information from Experian, TransUnion, and/or Equifax and to perform a prequalification soft pull. Please note that your verbal authorization will be recorded.

Consumer: States their full name and gives verbal consent for (End User’s Name) to obtain a prequalification soft pull credit report. (End user records the consumer’s verbal authorization.)

End user: Thank you. A soft inquiry credit report will be performed and (say end user’s name) will be back in touch with next steps.

Empower Your Business with Soft Pull Solutions

In the ever-evolving landscape of client pre-approval and financing, adopting Soft Pull Solutions can elevate your credit reporting services. Ensure compliance and professionalism by implementing the best practices outlined in this guide.

By pulling credit over the phone with precision and care, your business not only expedites critical processes but also solidifies its commitment to exceptional customer service. Take the leap towards efficiency, security, and increased sales opportunities—your clients and your bottom line will thank you.


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