Can a soft pull replace a hard pull?
A soft pull can not replace a hard pull. At the end of the day, when a bank or lender closes on a loan a hard pull still must be done. Whats the point of the soft pull then you may ask?
A soft pull is used at the beginning of the sales cycles to understand the credit worthiness of a potential customer. It is used to prequalify them without asking them for a social security number or date of birth, and without putting a hard inquiry on their report. Additionally, a soft pull can be used as a magnet to lure potential clients who want to understand where they are at in regards to qualifying, and getting real rates, when. they are reluctant to a apply.
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Are soft pulls less expensive than a hard pull?
Yes. A soft pull is generally much less expensive than a hard pull. Ready to Get Started? View Pricing & Pick Your Plan Need Assistance? Submit a Ticket or Call Us at (760) 579-6171 Access Your Account Login to iSoftpull iSoftpull (760) 579-6171 2270 ...
What information is on a soft pull?
A pre-qualification soft pull contains the exact same information as a hard pull, its just a soft pull. Data Includes: Credit Score Address History Employment History Tradelines (What information is on a tradeline? Collections Public Records ...
Does a soft pull set off trigger leads?
No. That is actually one of the key benefits, particularly in the mortgage and business loan industries. Because a soft pull does not place a hard inquiry on the customer's credit file, there will be no triggers activated. Ready to Get Started? View ...
Does a soft pull place an inquiry on the customer's credit?
No and yes. There are two types of inquiries: hard and soft inquiries. Hard inquiries are what people typically think of when they think of inquiries. They are the ones FICO uses to calculate a credit score and have a tendency to lower your score. ...
How accurate are soft pulls?
The information on a soft pull is the exact same information on a hard pull. There is no difference in the underlying data; the difference is in the intent of the pull. A soft pull is used for pre-qualification, whereas a hard pull is used for ...