Difference between preapproval and prequalification

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Question:

The CFPB recently posted an update to what the difference is between a preapproval and a prequalification. Has there been a change in regulation that minimizes Preapprovals?

Answer:

No, there has been no change. A preapproval still refers to an underwritten actual credit approval, while a prequalification is an estimate. This information to consumers does not explain the difference.

Here's the update referred to.