Updated Contextual Help Text for “Why do we need your consumer reports?”

5/10 Beta, 6/7 Prod

Purpose of Update and Benefit:
We are updating the contextual help for "Why do we need your consumer reports?" on the submit task to provide more clarity on when soft credit pulls are initiated.

Current Behavior:
A screenshot of the current help text modal is provided below.

New Behavior:
The updated help text is below. The changes are in red.

Why do we need your consumer report? 
We obtain a copy of your credit report to see your current credit liabilities and understand your history of managing your credit and may make soft credit inquiries to obtain this information.

After you submit your application, we’ll obtain a copy of your credit report from one or more of the three major credit bureaus (Equifax, TransUnion and Experian), and include the results in your application. This will count as a hard inquiry on your credit, and is required when applying for a loan.

If you're interested in learning more about credit reports and the different types of credit inquiries, visit the Federal Trade Commission's Guide to Credit Scores.

Still have questions? Contact your loan team.

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