![]() This helps the lender understand how this potential customer has handled their credit in the past while allowing a potential customer to know their options before applying. Pre-qualification soft pulls allow a bank or business to see a consumer’s credit report before they apply for a loan or credit. Consumers must be allowed to opt-out of prescreened offers.Records maintenance of the pre-screened lists is required.Consumers who passed the pre-screening must be extended firm offers of credit, with limitations allowed.Consumers from the prescreened list who are offered credit must receive special notices.Lenders are bound by the following requirements for making pre-screened offers: ![]() Pre-screen submissions may still use language in their marketing materials, such as “you’re approved” or “pre-qualified,” to get the consumer's attention, but these are all technically pre-screen offers if the consumer did not initiate the soft pull themself. ![]() By pre-screening consumers for credit offers, lenders can minimize marketing costs by removing unqualified candidates from their mailing lists. When does a business need to pre-screen consumers’ credit without their knowledge? This method is used in the case of direct-mail marketing. A credit bureau (such as Experian, Equifax, or TransUnion) can provide a list of consumers meeting specific criteria to a bank or other lending institution or business. Pre-screen offers are soft pulls that happen behind the scenes without the consumer’s knowledge. Pre-Screen Versus Pre-Qualification Pre-Screening Soft Pulls
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