Capturing Consent Over the Phone
Capturing consent over the phone is the most efficient and practical option for many of our clients, especially those who operate call centers or rely on phone interactions as their primary point of contact with consumers. The earlier in the process you can prequalify a consumer, the better—whether it’s before an appointment is booked, before multiple lenders are contacted, or before a consumer becomes set on a particular product or service. This proactive approach can save time, money, and resources for everyone involved.
Why Phone Consent is Essential
Phone consent streamlines the process of obtaining customer approval for soft credit pulls, offering distinct advantages for your business:
No Physical Presence Required
Consumers can provide consent remotely, eliminating the need for in-person visits or meetings.
No Social Security Number Needed
Phone consent allows you to initiate a soft credit pull without collecting sensitive information like a Social Security number up front.
Full Credit Report and Score
With phone consent, you can obtain a comprehensive credit report and score, enabling faster prequalification decisions.
Save Time and Resources
Avoid scheduling appointments or onsite visits with customers who may not qualify, freeing up your team to focus on higher-value prospects.
Enhance Customer Experience
The process is quick, clear, and non-intrusive, giving your customers confidence while maintaining compliance with the Fair Credit Reporting Act (FCRA).
How to Gather Phone Consent
To successfully obtain phone consent, it's important to follow these clear steps:
1. Create a Script
Develop a phone script that captures all the necessary information for consent and complies with regulations.
Here’s a sample script to give you some guidance:
Business: "Thank you for calling [Company Name]. In order to help you get prequalified for [loan/financing type], we will need to pull a soft credit report. Please note that this is a soft pull and will not affect your credit score in any way. This information is strictly used for prequalification purposes, and no formal agreements are being made at this time. Do you give [Company Name] verbal consent to access your credit report from Experian, TransUnion, and/or Equifax?"
Consumer: "Yes" or "No"
Business: "Thank you. Please state your full name for our records."
Consumer: [Consumer states their full name.]
Business: "Under the Fair Credit Reporting Act, by continuing, you are providing verbal authorization for [Company Name] to access your personal credit profile or other information from Experian, TransUnion, and/or Equifax for prequalification purposes. Please respond 'yes' to give your consent."
Consumer: "Yes" or "No"
Business: "Thank you. Please press the # symbol on your phone to confirm that you consent to us pulling your soft credit report."
Consumer: [Consumer presses #]
Business: "Thank you. A soft credit inquiry will now be performed.
Click the button below for a PDF version of a verbal consent script
2. Record the Call
Ensure the call is recorded and that the consumer acknowledges the recording at the start of the conversation.
3. Confirm Identity
It's important to verify the identity of the person on the call. Use identity verification tools like ID Verification, SSN Validation, and Driver’s License Search to confirm the customer’s identity.
4. Store the Recordings
Store all recorded calls for at least five years in a secure and compliant manner. You can upload the recording into Soft Pull Solutions' system or use your CRM to store and access the recordings.
5. Provide Consumer Acknowledgment
Ask the consumer to press the # symbol to confirm their consent for the soft pull.
Storing and Accessing Phone Consent Records
It’s important to store phone consent recordings for future reference and compliance. Soft Pull Solutions allows you to upload the call recordings directly into the system, or you can store them within your CRM or lead management tool. These recordings must be kept for a minimum of five years. Make sure your system allows easy access to these recordings in case they need to be reviewed.
FAQs
How long do I need to store phone consent recordings?
You must store phone consent recordings for at least five years. This is a regulatory requirement to ensure that you have a record of the consumer's consent for future reference.
Can I use phone consent in all industries?
Yes. Phone consent is most beneficial for businesses that rely on phone interactions for lead generation and customer approval, such as solar companies, alarm systems, home improvement, and car dealerships. It's a useful tool for call centers and businesses with high volumes of customer calls.
What if I can't record the call?
If you cannot record the call for any reason, you should explore other methods of collecting and storing consent, such as using a digital consent form on your website. However, recording the call provides the most reliable proof of consent.
Additional Reports & Features
When you sign up with Soft Pull Solutions, you’ll have access to a variety of other detailed reports and services designed to meet your specific business needs. Click the button to view a full list of reports available to your account or to schedule a meeting.
Difference Between Soft & Hard Pulls
| What Is Different? | Soft Pulls | Hard Pulls |
| Impact on consumer credit? | No | Yes |
| Social Security Number required? | No | Yes |
| Date of Birth required? | No | Yes |
| Does running an inquiry create trigger leads? | No | Yes |
| Do you need to print a Risk-Based Pricing Notification and give it to the consumer after you pull the report? | No | Yes |
| Is it a full credit report? | Yes | Yes |
| Is a FICO Score included with the report? | Yes | Yes |
| Is the report sufficient for tenant screening purposes? | Yes | Yes |
| Can I get consent over the phone? | Yes | Yes |
See the Difference Firsthand
Click below to view a sample soft pull report and discover how it can streamline your processes today!