Visions of Adverse Action Danced in His Head

‘Twas the night before Christmas Eve,
When all through the borough,
Not a creature was stirring,
Except for our CEO..

In our last post on Adverse Action, (during which his head was clearly devoid of any sugar-plums), Tim detailed the legal requirements of the Fair Credit Reporting Act (FCRA) and explained Adverse Action in a straight-forward fashion, warning employers against costly lawsuits.

In this post, we’ll show you how Tenstreet can automate this mandated (and more than likely manual) process for you, helping you to stay compliant and full of Christmas cheer.

On, Comet! On, Cupid! On, Donner and Blitzen!

Our fully-automated Adverse Action solution notifies applicants when a consumer report in whole or in part caused their application to be declined. While we hope you won’t need to send an adverse action letter to anybody named after a reindeer, it’s a one-step process that can be run on, Tom! On, Dick!, or on any Harry! who’s in your system. Applicants usually receive letters via email, but letters can also be physically printed and mailed whenever necessary.

After the Window, Letters Flew Like a Flash

As quickly as you can tear open the shutters and throw up the sash, your adverse action letters can be sent. But you have control over exactly when your letters will fly flashily. A configurable window of time – between when you run the process, to when the letters are sent – can be put in place to space out your letters, also allowing you to cancel the process if necessary, or correct a mistake. For example, perhaps you’d like the pre-adverse letter to run two hours out, and follow up with the post-adverse letter five days after that.

Whatever you decide, simply select Adverse Action Letter from your Process menu, and that’s it – one and done.

The Consumer Letter Tool allows you to search letter activity by

  • Letter Type (Pre- or Post-Adverse Action)
  • Status (Any, Pending, Emailed, Mailed, etc.)
  • Specific dates, and/or
  • Last Name

Once you run the Adverse Action Letter process, a pending entry record is created in the Consumer Letters tool. Each subject name is interactive and provides a detail panel providing information about the particular letter highlighted.

From the detail view, you can Open the Subject View, Highlight Encrypted or Blank Documents, and Download the Cover Letter Document to view (in those cases where you still need to print and mail hard-copy documents). The “Next Action Date” is set based on the window of time you’ve decided on, and shows you when your letters will be delivered. The tool also provides the necessary reporting should you ever find yourself up against a lawsuit.

Additionally, a digital copy of the letter is stored in your subject’s Documents section to record exactly what was sent to the subject.

When What to My Wondering Eyes Did Appear

But a super simple set-up, and four tiny rein-de.. requirements.

We only need a few things to get you started:

  1. A copy of your pre- and post- Adverse Action letters
  2. Your “reply-to” email address
  3. A list of the file types associated with the documents you wish to attach to the Pre-Adverse Action email (e.g. PSP, MVR, CDLIS, DAC Employment History, etc.) A copy of “A Summary of Your Rights Under the Fair Credit Reporting Act” is automatically included.
  4. The number of hours in which to delay both letters (if any)

.. And To All a Good Night!

To have your own visions of our Adverse Action solution dancing in your head, please reach out to your dedicated advisor, or leave a comment below and we’ll get you to the right place. We’re looking forward to hearing from you!

Still wondering if Tenstreet is for you? Email sales@tenstreet.com or call 877-219-9283 for a free demo and walk-through.

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