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Differences Between Pre-Screen and Pre-Qualification:

macinnis_cbt-sept16-3-01Pre-Screen:

  • Consumer consent is NOT required
  • Fico Score or range and no, or limited, credit data is provided
  • A firm offer of credit IS required
  • Compliance tracking of offer terms and firm offer of letter production ARE required.
  • Adverse Action, Risk-based Pricing, etc. ARE required.

Pre-Qualification:

  • Consumer consent IS required
  • Exact FICO score and all credit report data elements are available
  • A firm offer of credit is NOT required
  • Compliance tracking of offer terms and firm offer of letter production are NOT required.
  • Adverse Action, Risk-based Pricing, etc. are NOT required.
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CBT News
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