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. They are commercially visible and set of trigger leads.
Soft inquiries on the other hand do not affect a credit score. FICO® does not use soft inquiries when calculating a score. They are on the report to inform the consumer that a company checked their credit. After all, people should know who is looking at their credit report!
So no, a soft pull does not place a hard inquiry on a consumer's credit file.
And yes, they will appear as a disclosure but will not be counted as an inquiry to FICO.
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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 ...
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 ...
Sample Soft Credit Checks
Attached are sample reports for TransUnion and Equifax soft credit checks. It is important to note that the attached reports are fictitious personas intended to give you an idea type of data that is available on a soft credit check report. Included ...
How to Pull Credit with iSoftpull
Pulling credit in the iSoftpull platform is easy. Here is a video of how to do it and specific steps written below. Step 1. Get your customer's written permission to pull their credit report. This may be done on a traditional paper application, an ...
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 ...