Pre-Screen Credit Monitoring is permissible under the Fair Credit Reporting Act (FRCA), provided a mortgage lender follows certain rules. The FCRA permits limited access to a consumer’s credit file … for the purpose of pre-screening … if the lender extends a firm offer of credit to those who meet pre-determined criteria. Consumer-consent is not required for a lender to obtain Pre-Screen credit information.*
Manage Your List-Criteria
Some things just shouldn’t be left to chance. Your Pre-Screen list criteria is one of them!
MonitorBase has created precise internal safeguards to ensure that your minimum lending credit criteria are applied to all Pre-Screen marketing campaigns (an FCRA requirement). This protects you from becoming obligated to extend credit to individuals who do not meet your credit standards.
A core risk-management feature of the system is driven by our understanding that not all employees have the same decision-making authority to approve marketing solicitations and select the credit criteria used to build Pre-Screen marketing lists.
Automate Your Campaigns
MonitorBase provides your enterprise with a centralized facility for delivering firm offers of credit to prospective borrowers.
We also provide a comprehensive system to track responses and maintain audit-worthy electronic records of all Pre-Screen campaign details. Our years of experience affirm that prompt execution of the targeted offer helps ensure that credit is extended only to individuals meeting your specified lending standards.
All your data and campaigns are stored securely in the MonitorBase portal. And are available to you 24/7!
Control Access to Sensitive Credit Information
MonitorBase enables top-down control for managing user roles and access levels. These controls can be set to who is authorized to receive alerts, view credit profiles, and export data from our secure system.
* FCRA requires users to have a permissible purpose to access consumer reports. For the purpose of making firm offers of credit, Section 604(c)(1)(B) permits users to obtain consumer reports in connection with any credit transaction that is not initiated by the consumer. Section 603(l) defines a firm offer of credit as one that will be honored as long as the consumer meets the specific criteria that was used for the selection of the recipients of the credit offer. It can be conditioned on such things as the following:
- The consumer meets the mortgage lender’s previously established criteria. This could include, but is not limited to: maximum loan-to-value ratios; debt-to-income allowances; sourced and seasoned funds for closing; etc..
- The lender can obtain a full consumer report on anyone responding to the offer. This supports verifying that the consumer continues to meet the creditworthiness criteria.
- A first-lien position in the real property.
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