Know your customer's credit condition... now
What's the difference between a hard and a soft pull?
Prequalification Soft Pulls
Typically, a soft pull is used when a company wants to know whether or not their customer would qualify for a loan if they applied. This will help the business present correct pricing terms and suitable loan products.
Hard Credit Checks
Should I use a
Soft or Hard Pull?
You should use a soft pull when a customer asks: what will my rate be? Will I be approved? What loan product is best suitable for me? In short, a soft pull is best used when matching a potential customer to a loan product, and proposing terms. Since the data is the same on both types of pulls, you would run a hard pull once the customer formally applies after the terms are negotiated and the agreement in principle has been met.
If I still have to run a hard pull, why would I run a soft pull?
Click to the next slide to find out the consumer's benefit.
Your customer prefers a soft pull first... here is why:
Soft v. Hard Pull Comparison Chart
Get a deep and accurate understanding of your client's credit condition, instantly!
The most reliable data on the market
The most important thing about soft pulls is that it is the exact same data and information as on a hard pull. There is literally zero difference in the data on the reports. With this, you can confidently prequalify a client with a soft pull, knowing when you or the lender subsequently goes to close on the loan with a hard pull there will be no deviation or score decrease.
Full Credit Reports from TransUnion, Equifax, and/or Experian.
Accurate credit scores from FICO and/or Vantage.
All FICO® Score Model Types
Did you know that there are many types and versions of FICO® Scores?
Industy Specific FICO® Scores
FICO® Score Versions
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