Subscribe to our mailing list

X

Using Soft Credit Report Pulls for Marketing? – Read This SoFi Case

By on December 21, 2016

This case just crossed my desk and it’s a good read for any debt relief company who is using soft credit report pulls in marketing services or screening consumers.

“This case should serve as a note of caution for lenders marketing eligibility determinations based on a “soft” pull of a consumer’s credit report. Notably the FCRA does not draw a distinction between “soft” and “hard” credit report inquiries; both result in the delivery of a consumer report and both require a permissible purpose. So while “soft” pulls are frequently based on written instructions of the consumer before an application for credit is initiated, if the “soft” pull (and the fact that the “soft” pull will not affect the consumer’s credit score) is featured in any consumer facing language, creditors should consider: (1) Whether the permissible purpose for a subsequent hard pull is based on the consumer’s prior written instructions, new written instructions, or the initiation of a credit transaction (e.g. a clear application for credit); and (2) Whether a prominent statement that a subsequent application might result in a “hard” pull is necessary to dispel any potential misperceptions regarding the nature of that subsequent credit pull.”


Get Out of Debt Guy – Twitter, G+, Facebook

I can always use your help. If you have a tip or information you want to share, you can get it to me confidentially if you click here.

READ  Can I File Bankruptcy on SoFi or Laurel Road Student Loans?

Last step, fill out the information below or call us for Priority Assistance.

What problems are you having with your report?

Your first name is required. Your first name is required to be at least 2 characters. Your first name cannot be longer than 50 characters.
Your last name is required. Your last name is required to be at least 2 characters. Your last name cannot be longer than 50 characters.
Your email is required.
Your phone is required. Your 10 digit phone number is required.
Your state is required.
Your age is required. Your age must be greater than 18. Your age must be less than 100.

By clicking on the "Contact Me" button above, you consent, acknowledge, and agree to the following: Our Terms of Use and Privacy Policy and to receive electronic communications. We take your privacy seriously. That you are providing express "written" consent for Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS - charges may apply), even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list. Consent is not required as a condition to utilize Debt.com services and you are under no obligation to purchase anything.

By clicking on the “Contact me” button above, you consent, acknowledge, and agree to the following: (1)That you are providing express “written” consent for Lexington Law Firm, Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS – charges may apply), or dialed manually, at my residential or cellular number, even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list; and (2)Lexington Law’s Privacy Policy and Terms of Use and Debt.com’s Terms of Use and Privacy Policy. Consent is not required as a condition to utilize Lexington Law or Debt.com services and you are under no obligation to purchase anything.

About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Share a Comment / Leave a Reply

%d bloggers like this: