(1)    Each consumer will be provided a clear and precise explanation that by pressing the pound (#) key (or other key that the consumer must press to demonstrate their acceptance) that the consumer is providing his/her electronic signature and signing a record that will be his/her written instruction to obtain a consumer report.  The following text would satisfy this requirement:

a.      If the written instructions are being obtained directly by End User:  “You understand that by pressing the # key on your phone immediately following this notice, you are providing written instructions to [creditor] under the Fair Credit Reporting Act and authorizing [creditor] to obtain information from your consumer report. Pressing the # key on your phone will be your electronic signature on your ‘written instructions.’  Please confirm your written authorization to access your credit report by pressing the # key now.”

b.      If the written instructions are being obtained by a Third Party:  “You need to authorize (Third Party) and any lender to whom (Third Party) forwards this application to obtain information from your consumer report.  Pressing the “#” key on your phone will be your electronic signature on your ‘written instructions.’  Please confirm your authorization to allow (Third Party) and any such lender to obtain your credit report by pressing the # key now”

(2)    The consumer must not be able to proceed in the process without affirmatively agreeing to allow access to his credit report as provided above; and

(3)    The record of the consumer’s ‘written instruction’ by pressing the # symbol (or other key that the consumer must press to demonstrate their acceptance) must be retained by End User (or Third Party) in a form that is capable of being accurately reproduced for later reference.