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Submitting any loan or credit inquiry through SoFi authorizes SoFi to obtain the user's credit report and use the resulting credit information, including for advertising and marketing, in addition to any separate authorization provided at the point of application.
This analysis describes what SoFi's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
This provision establishes advance authorization for credit report pulls and marketing use of credit data at the level of the general Terms of Use, before and independently of any product-specific application consent. The layered authorization structure, which adds to rather than replaces point-of-inquiry terms, means users may have provided multiple overlapping credit data authorizations.
Interpretive note: Whether advance general Terms authorization satisfies FCRA's permissible purpose and disclosure specificity requirements for credit pulls tied to individual future transactions depends on regulatory interpretation and enforcement context.
The updated terms establish a time-limited referral promotion running through September 30, 2026, with new eligibility criteria for referrers. To qualify for the higher $75 bonus, referrers must maintain either $100 in combined Invest assets or an eligible direct deposit at the time the referred recipient enrolls. Referrers who do not meet these criteria will receive a lower $50 bonus. The terms also restrict bonuses to new Self-Directed Account openings only, excluding Automated Invest and IRA accounts from referral rewards. Referrals must be completed within the promotion period or they become ineligible. You should verify your account meets the stated asset or direct deposit requirements if you intend to participate in the referral program before the September 30 deadline.
View change record →The updated terms establish new restrictions on how referrers can promote SoFi products and create additional obligations for anyone participating in the referral program. Referrers must now obtain express consent before sending promotional text messages in Washington State, cannot use mass email or commercial advertising to solicit referrals, and must clearly disclose their financial relationship to SoFi in any promotion. The revised terms prohibit making claims about product outcomes, interest rates, or approval odds unless directed to official SoFi webpages, and establish a $10,000 annual cap on cumulative referral and welcome bonuses. Tax reporting obligations now apply, with SoFi reporting bonuses as miscellaneous income to the IRS on Form 1099-MISC. You can review the specific promotional campaign rules for each referral link and ensure compliance with state and platform-specific disclosure requirements before promoting.
View change record →The updated terms establish a Privacy Preference Center that provides granular cookie controls rather than requiring blanket acceptance of all tracking technologies. Previously, SoFi stated that users who did not make a selection agreed to all tracking uses; the revised terms now require users to affirmatively allow functional cookies and other tracking categories. The updated language explicitly describes that functional cookies enable enhanced site functionality and personalization, and that blocking certain cookies may impact site experience. You can now toggle cookie categories on or off individually rather than accepting or declining all tracking as a single choice.
View change record →Under this clause, submitting any credit-related inquiry to SoFi, including a preliminary rate check or loan inquiry, authorizes SoFi to obtain the user's credit report and use it for marketing purposes in addition to evaluating the inquiry. This authorization is stated to be additive to any separate consent provided at the time of the inquiry.
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"If you submit an inquiry or request to SoFi for a loan, credit card, or other product that relies on credit, you authorize SoFi to obtain your credit report from a credit reporting agency and to use the information according to SoFi's Privacy Policy, including to advertise products and services to you. Your authorization in this Agreement is in addition to: (i) terms you accept at the time you submit a loan inquiry, (ii) terms in any loan application, and (iii) terms in loan documents if you obtain a loan.Excerpt from SoFi's Terms of Service
1. REGULATORY LANDSCAPE: Credit report access is governed by the Fair Credit Reporting Act, which requires a permissible purpose for obtaining consumer reports. Advance authorization in a general terms of service for credit pulls across all future credit inquiries may raise questions regarding the adequacy and specificity of FCRA authorization requirements, which typically require a clear and conspicuous disclosure tied to a specific transaction. The CFPB enforces FCRA against consumer financial institutions. 2. GOVERNANCE EXPOSURE: Medium. The use of credit report data obtained in connection with a loan inquiry for advertising purposes implicates FCRA permissible purpose requirements and the scope of permissible use of consumer report information beyond the specific transaction for which it was obtained. Compliance teams should assess whether advertising use satisfies FCRA standards. 3. JURISDICTION FLAGS: California and other states may have additional credit reporting and privacy requirements governing the use of credit data for marketing purposes. The advance, general authorization in the Terms of Use rather than at the point of each specific inquiry may present enforceability questions under state-specific FCRA analog statutes. 4. CONTRACT AND VENDOR IMPLICATIONS: The layered authorization structure means that SoFi's credit pull authority originates in the general Terms, the inquiry-specific terms, and any subsequent loan application terms simultaneously. Compliance documentation for credit pull authorizations should account for all three authorization layers. 5. COMPLIANCE CONSIDERATIONS: Compliance teams should assess whether the advance general Terms authorization satisfies FCRA's requirement for a permissible purpose tied to a specific transaction, evaluate the scope of permissible marketing use of credit report data under FCRA and applicable state law, and review whether point-of-inquiry disclosures are consistent with this general Terms authorization.
This provision establishes advance authorization for credit report pulls and marketing use of credit data at the level of the general Terms of Use, before and independently of any product-specific application consent. The layered authorization structure, which adds to rather than replaces point-of-inquiry terms, means users may have provided multiple overlapping credit data authorizations.
Under this clause, submitting any credit-related inquiry to SoFi, including a preliminary rate check or loan inquiry, authorizes SoFi to obtain the user's credit report and use it for marketing purposes in addition to evaluating the inquiry. This authorization is stated to be additive to any separate consent provided at the time of the inquiry.
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