Why Would a Mortgage Broker use a Soft Pull?
- Get More Leads Online and Generate More Revenue: Because a soft credit check can be done with a name and address only and does not impact a consumer's credit, consumers are more willing to fill out online pre-qualification applications. This is because it takes less time than filling out a full-length application online (people hate filling out long applications) and customers are reluctant to give out their social security number.
- Get More Leads With Verbal Consent: With verbal consent on a recorded line, mortgage professionals can pull their client's credit report and FICO score. We have found that consumers become sticky to a mortgage professional once they have run a soft credit check on them. More specifically, once a mortgage professional has run the customer's credit, he is able to speak more intelligently about the deal, and is also able to "sink his teeth" into the deal.
- Get More Referrals: Real estate agents will send you all of their clients because they are self-interested and want to know their customer's credit score, but they do not have the ability to run credit because they are not the lender.
- Save Time and Money: Running a soft credit check will put you "in the know" about your prospect's credit condition at the beginning of the sales cycle. This will save you time and money from working on deals that do not qualify in the first place.
- Protect Your Leads: Soft credit checks do not activate "trigger leads." Because a soft pull does not place an inquiry on a customer's credit report, your competitor's trigger leads will not be activated.
- Save Money Again: Soft credit checks cost about $3 each... a tri-merge can cost up to $30 per report. Mortgage brokers using soft pulls save money because they wait until they are confident they have a deal to run a tri-merge and they don't run them on deals that don't close. They can do this because they can get the full credit report from iSoftpull. Also, they are happy to pay the fee for the tri-merge when they are confident they have a deal.
Download Sample Soft Pull
Online Lead Generation
Our software enables you to pull your client's entire credit report using their name and address only, from your website.
Getting Consent on the Phone
While on a recorded line, and with your customer's consent, you can pull your client's entire credit report and FICO score.
Face to Face Meetings
Through a paper application, your mobile phone, or your computer, our software will instantly give you your client's credit report.