The Fair Credit Reporting Act (FCRA) strictly regulates the use of consumer reports as they contain highly sensitive information pertaining to a consumer’s credit worthiness. Each name on a prescreened list is treated as a consumer report by the FCRA. In order for a financial institution to obtain a consumer report or a prescreened list they must have permissible purpose specified in the FCRA. Additionally, the financial institution is responsible for extending a firm offer of credit to each of the consumers on their prescreened list. The following are some guidelines of what elements should always be on a firm offer of credit that is being sent to a consumer. Please note that the following are recommendations, any firm offers of credit should always be reviewed by the legal compliance professionals at your company.