PREQUALIFICATION vs. PRESCREENPREQUALIFICATION vs. PRESCREEN
Prequalification:
- Consumer initiates the prequal process by submitting a signed consumer consent prequal application
- Subscriber receives a full-file credit report and FICO score
- Subscriber DOES NOT provide credit score to consumer therefore is not required to deliver or mail RBPN
- Subscriber returns a prequalified or not-prequalified response to the consumer
- Subscriber is under no obligation to conduct business with consumer
- Minimum required age = 18
Prescreen:
- Prescreen process is initiated by the subscriber via mail campaign, in-house, or phone campaign
- Subscriber provides bureau(s) approved lender based credit offer
- “Pre-approved firm offer of credit” must accompany pre-approval offer if the applicant meets pre-determined criteria
- Subscriber receives report summary with score or score range
- Firm offer must be handed to consumer in person or mailed first class
- Minimum required age = 21
