Compliance

PERMISSIBLE PURPOSE
First off, Virtual Lending Source (VLS) is a licensed lender in all 48 continental states. By adhering to the Fair Credit Reporting Act (FCRA) and the Fair and Accurate Credit Transaction Act (FACTA) compliance laws, we are one of the only companies who legally obtained true “Permissible Purpose” to access a consumer’s credit information directly from all three major bureaus. Under the FCRA there are only two circumstances under which a consumer’s credit profile may be accessed without his/her permission.

• 1. the making of a firm offer of insurance.
• 2. the making of a firm offer of credit.

For VLS, our Permissible Purpose comes from #2, the making of a firm offer of credit.

We send Live Checks to customers who meet and exceed all of our financing guidelines. Furthermore, every customer is guaranteed a loan with us, with an income of $1,300 at a full time position or at least 6 months, regardless of credit. Imagine again the power of generating leads that are guaranteed a loan. Your sales staff will be excited because they know they are working with qualified “Buyers.”

ACCURACY OF DATA
We know you’ve heard it before, but our data is the best and we have facts to back that up. With Permissible Purpose, all our data comes directly from the credit bureaus less than 3 days from when your mail drops. For instance, if your drop date is on a Friday, we will pull the customers credit information from the bureaus the Tuesday/Wednesday before. We have an extensive list of filters you can select so we only send live checks customers who meet your standards. Since all our mail goes out first class, you will start to receive consumers the following Monday, with the exact credit criteria you requested. There is less than 4 business days for your customer’s credit criteria to change!!! Compare this with your 30-180 day old lists from your current mail provider and you will never do another regular beacon score mailer again.