How to prequalify the customer (Soft Credit Check)
The Pre-Qualification tool allows you and your customers to see what products they are eligible for without affecting their FICO score. Check out the steps below to see how it works.
Customer Consent
Federal law requires customers to consent to run a pre-qualification. The correct way to do this is by requiring the customer to click the "Terms and Conditions" checkbox and click "pre-qualification" themselves.
Steps for a Pre-Qualification Check
Step 1: Where to find the Pre-qualification
Click the Pre-qualification button on the home page of the Orange Portal.
OR
Click the add applicant button from the sales Dashboard.
Step 2 : Have the customer complete the Pre-Qualification
Remember: the customer should use their full legal name, follow all format suggestions shown, and follow all error prompts that appear.
Step 3: Receive the Pre-Qualification Results
Once the customer clicks “Submit” the results will populate immediately
Step 4: Determine how to proceed with the Customer
If your customer is still unsure of how they would like to proceed:
you can click go to dashboard, and a new customer tile will be created for you to revisit later.
If your customer likes what they see and would like to move forward:
The customer will click “Run Credit” to move forward!
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The customer must give his/her consent to run the pre-qualification check. Do not use this tool without the customer's knowledge.
What information is needed to Pre-Qualify my customer?
Name, address, gross household annual income and the customer's consent.
What is a "No Result" and how often does this happen?
We can match a customer's record about 80% of the time with just name, address, and gross household annual income. The rest of the time, we receive "no result," meaning we are not able to match the individual's record with the credit bureau based on the limited customer information provided. If this happens, the customer will need to fill in their social security number and date of birth then click "Check Pre-Qualification" again. This will still be considered a soft pull of credit.
Does my customer need to sign anything to do a Pre-Qualification?
No, but you must obtain the customer's consent before running a pre-qualification check. The recommended way is to have the customer click the terms and conditions at the bottom of the screen and click "Check Pre-Qualification" themselves.
Does this impact my customer's credit score?
No. A pre-qualification is a "soft check" and does not impact the customer's credit score.
What should I do if I get a "No Pass"?
Unfortunately, this person does not pass our credit criteria.
In some cases, adding a co-borrower could allow the customer to pass, if your customer failed due to a high DTI. The result screen will offer this as an option if it's possible. If your customer is interested in adding a co-borrower, have them complete a full credit application, with their consent. Alternatively, another person on title may be eligible for this loan. If the other titleholder is interested, ask them to complete a full credit application, with their consent.