Firm Offer
of Credit Basics

This resource resource is intended for informational purposes only and IS NOT legal advice. We always recommend consulting with internal legal counsel and compliance teams to ensure compliance with FCRA regulations and case law.

LEGAL COMPLIANCE

APPROVAL

To mail Prescreened data, the Client must be approved by the credit bureau(s). Once approved, the offer must be submitted for approval to ensure compliance with FOC guidelines.

Under law, purchasing Prescreened data requires lenders to:

  1. Extend an offer to consumer

  2. Include opt-out disclaimers

  3. Provide the offer if all advertised criteria are met

BACKGROUND

A Firm Offer of Credit may be extended through telemarketing, email, or direct mail. Scripts, emails and mailpieces to be used must be reviewed and approved by the credit bureau.

Telemarketing

If the phone number is invalid, it is highly recommended that another contact attempt be made through a different medium.

Email

If the email bounces back, it is highly recommended that another contact attempt be made through a different medium.

Direct Mail

Change of Address processing is advised to ensure best effort is made to provide an offer to the specific consumer in question.

MEDIUMS

MINIMUM OFFER REQUIREMENTS

  • Short Opt-Out Disclosure

  • Long Opt-Out Disclosure

  • Pre-qualified verbiage

  • A specific dollar amount