Businesses must send an adverse action notice when a customer is unable to receive an offer of credit. Adverse action is a compliance requirement that gives a credit denial explanation to the prospect.
Soft Pull Solutions can send adverse action letters to your customers, on your behalf to satisfy these obligations when you do hard pulls. This eliminates labor costs, human error, and sorting through files. Copies of adverse action letters are stored which provides a permanent record for any future auditing and supplies a monthly summary report of all the letters created and sent.
Soft Pull Solution’s system automatically generates a credit score disclosure exception notice when a credit report is pulled from our software. This notice is easy to print and email for the customer to see. A notification is also available if the customer doesn’t have an available credit score. Like adverse action letters, risk-based pricing reports are digitally stored so that a permanent audit trail is made.
Keeping track of credit reports and compliance policies can become a hassle. However, since the information on those documents is so important, you cannot afford for things to become lost, mislabeled, or organized incorrectly.
With Soft Pull Solutions, you’ll have access to a compliance dashboard to help you stay organized. The compliance dashboard makes it easy to manage documents. Your management or compliance team has access to configure, monitor, and control your compliance policy and business rules with the use of this dashboard.