Integrating the Phone with Soft Pulls
Phone consent is not a requirement to pull credit. In fact, many lenders and businesses get written or electronic consent (and never do phone consent at all). However, some businesses that make several calls, or companies with call centers would prefer the option to get consent over the phone (rather than written or electronic consent). Capturing consent over the phone is one of our clients' most efficient and practical options, especially for businesses that don’t want to waste time with a prospect who will never qualify for funding. The earlier in the process, you can prequalify a consumer, the better. This proactive approach can be great for solar, home improvement, and other businesses that don’t want to waste time sending an employee onsite or to the consumer's home.
Why the Phone is Important for Soft Pulls
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. This will also make it much easier for your employees and sales agents.
Click Here for a Phone Script Example
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 of a soft pull credit report