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How does Finmo obtain individual signed consent for credit checks?
How does Finmo obtain individual signed consent for credit checks?

credit consent, bureau, credit pull,

Marnie George avatar
Written by Marnie George
Updated over a week ago

Finmo asks each borrower to consent to pull credit at the end of the application in their portal and creates a signed consent document.


How do I customize the consent document text?

If you are a team admin on Finmo you are able to customize the consent document text (which we strongly recommend doing).


What will the borrower see when being asked for consent?

Each borrower will see the consent displayed as a final step of their application. If they agree, they can check it off and the signed consent document will be created (it will be date and timestamped).

Note: It is not a requirement to give consent via the application. If consent is given another way, that can be recorded in Finmo before pulling credit.

When pulling credit for a borrower showing "No credit pull consent", the following message will be displayed.

You can choose to request consent or record how consent was given and the date if received by phone, signed form etc. Once answered you can pull credit as usual.


What if a borrower is not invited to the application but you require a consent to pull credit?

If you require consent for a borrower who is not invited to view the application, they can be invited to grant consent via email by another borrower on the application or by the broker.

How a borrower requests consent from another borrower not invited to view the application

Click "Consent" on the left menu. All borrowers will be displayed. Select the borrower and click on "Send email request for consent". A request for consent will be sent to that borrower’s email.

That borrower will receive an email with a link where they can read and give consent to pull credit.


How a broker can requests consent from a borrower not invited to view the application on Finmo

1. Click into the application, select "Credit & Liabilities" from the left menu and then choose the borrower you'd like to request consent from via email.

2. Enter an email address and the borrower will receive an email request to give consent.

Note: The email link to give consent will only be valid for 7 days, if the borrower hasn’t given consent in that period you will have to send the request again.

3. Once the consent is agreed to and given, you will receive an email letting you know the consent has been signed.


Where can I see if consent has been given on a deal?

The status of the consent for each of your deals will be shown on the deal dashboard.

  • None: None of the borrowers have given consent

  • Partial: At least one of the borrowers gave consent

  • Complete: All of the borrowers in the deal have given consent

You can also see each borrower’s consent status in the "Credit and liabilities" section of the application.

Once consent is received, you will see the timestamp and the option to download the consent PDF if you have enabled that function in the "Credit and liabilities" section of the application.

You can re-request the consent documents as many times as needed without having to give the borrower permission to edit the application.

Note: When consent is re-requested the old document will be replaced, you must remember to download the consent before obtaining a new one.


Why am I still seeing only one consent for some of my deals?

All of the deals that already had consent before this feature was enabled for your team will still track consent per deal. Only deals without consent or newly created deals will begin tracking consent per borrower.


What if my client has given consent another way (phone, a signed document etc.)

Before pulling credit for a client that has not given consent via their application the following message will be displayed, click “I already have consent from the client” and you can input a different means of consent if necessary.


What if I need a wet signature on the consent document?

The consent documents generated in Finmo have a digital signature and timestamp. This is a secure and legally binding way to obtain an electronic confirmation of consent.

If you prefer to obtain a wet signature you can still manually generate the consent in the compliance section and send it for e-signing through OneSpan.

Should you require further help click the chat icon on your screen or send us an email support@finmo.ca

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