How Does A Business Get Setup With Their Own Account To Pull Their Own Credit Reports?

The process for a business to get set up with their own account to pull consumer credit reports is often unknown to many people. This information should be a helpful resource for anyone who wants the ability to pull credit reports on other consumers. As you can imagine, the credit bureaus and the federal government do not allow just anyone to start pulling credit reports.

First and foremost, you must work for a business. An individual person cannot get authorization to pull credit reports on other people, (you must do it on behalf of the business you are employed by).

The credit bureaus will require an inspection to be done at your business headquarters. They’ll determine eligibility based on a matching address with the contract, business license, office equipment, matching business card/letterhead, telephones, and other factors to prove a location is a permanent business location. Please refer to this document for further details about inspection protocols. Before an inspection is scheduled, it will be necessary for your company to show it is “active” and in “good standing.” For this reason, certain documentation may be asked from you.

What Documents Might You Need?

While certain documents aren’t mandatory, it’s highly likely that you’ll be asked for most. The documents you may be asked for are:

Corporation Verification with state or federal government
Federal ID form
Copy of lease agreement
Proof of commercial insurance
Articles of Incorporation or Articles of Organization
State Tax ID Certificate
Copy of a business bank statement

These are the documents sometimes requested when trying to get set up with the ability to view credit reports. You could also be asked for additional documentation, such as:

A driver’s license
Phone or utility bill
Business cards or marketing materials

While not having these may not always affect your ability to get approved by the credit bureaus, it certainly makes it easier if you are able to provide a copy of each document.

Most of these documents are easy to obtain and can often be done by reaching out to the secretary of state. Please note, the address through the secretary of state will need to match your current business address.

One of the final steps during the vetting process is reviewal of your website. The purpose behind this is to determine what services your business offers, what information is being advertised, and most importantly, why your business might need to pull credit reports.

In summary, getting set up with your own account to pull credit reports in real time from Experian, TransUnion, and Equifax is a four step process with the following:

Submit a formal application through Soft Pull Solutions
Provide documents that are requested
Reviewal of your website (performed by the bureaus behind the scenes—nothing you need to do)
Complete an inspection at your business headquarters

Will I become eligible to pull credit?

In short, if all the above requirements are met, Soft Pull Solutions can provide credit pull services to other businesses. Below are some of the criteria that limit and allow Soft Pull Solutions to offer credit pull services to other businesses:

Permissible Purpose: By law, businesses must prove their credibility as a business and their intent with the pulled credit information. These are clearly defined by 15 U.S. Code § 1681b for those that would like additional details for compliance.
Unwarranted Businesses for Soft Pulls: When asked for proof of business practice, inspectors will make sure your business does not fall within specific business types, some of which include:

Adoption Search Firms
Asset Location Services
Bail Bond
Companies involved with adult content
Homeowners Association
Credit Counseling
Credit Repair
Country Clubs
Dating Services
More here

Secure Workspaces: Inspectors will take additional care to ensure your place of business complies with safe and secure work environments. This is to maintain the utmost confidentiality of documents, digital information, and private assets from being accessed. According to the on site inspection documentation, inspectors will look specifically for:

Locking Door to the whole office*
Lockable file cabinets*
Password Protected Computers*

Phone Verification: At a time of the inspectors choosing, the place of business may receive a call to prove the legitimacy of the workplace. This is a simple call to check the company name, the way the phone was answered, and the alleged business hours.

What Is a Soft Credit Pull?

A soft pull begins when a company asks for permission to obtain a credit report. Pulling the report will be incorporated into the application.

Some types of credit pulls might affect your overall credit score, but the good news is that a soft pull will not affect someone's credit at all. There isn’t anything to worry about when it comes to maintaining a good credit score.

Here are a few reasons why someone might want to make a request for a soft credit pull.

Benefits

Getting a soft pull credit report offers more than a few benefits. A soft pull provides you with invaluable financial data. You can use this data to evaluate an applicant's ability to get approved on a loan.

How does it work?

It’s easy to see why many people want to go through a soft pull. Considering the benefits, we know it’s intriguing, especially because it will have zero impact on your overall credit. Understandably, you are probably asking the following question: how does the process actually work? It’s relatively straightforward. All you need is consent from the consumer, enter their name and address, and then view the credit report with a click of a button.

What documents do you need?

Now that it has been established what soft pulls are, let’s go over what documents are needed to provide your creditor. While certain documents aren’t mandatory, it’s highly likely that you’ll be asked for some. The documents you should have before requesting a soft credit pull include:

Corporation Verification with state or federal government
Federal ID form
Copy of lease
Proof of commercial insurance
Articles of Incorporation or Articles of Organization
State Tax ID Certificate
Copy of a business bank statement

These are the documents typically requested when trying to get set up with the ability to view and pull credit reports. That doesn’t mean that these are the only documents you’ll be asked for. Usually, a few other items are asked for, such as:

A driver’s license
Phone or utility bill
Business cards or marketing materials

While not having these may not negatively affect your ability to get approved by the credit bureaus, it certainly makes it easier if you are able to provide a copy of each document.

Since these three extra documents are relatively easy to obtain, it’s worth acquiring them before you submit the application to get started with credit report services.

It is likely that your website and online presence will also be assessed. The purpose behind it is to determine what services you offer, what information is being advertised, and most importantly, why your business might need to pull credit reports.

What About a Hard Pull?

It’s also worth noting what a hard pull is. A hard pull is quite different from a soft pull. A hard pull—also called a hard inquiry—typically happens when you officially apply for credit and before your loan is finalized with a lender. It’s carried out at the very end of the financing process when you apply for credit or a loan.

Unlike soft pulls, these can affect your credit score significantly. Moreover, the lasting impact of a hard pull will be on your credit report for up to two years. Avoiding a hard pull is wise, unless absolutely necessary.

Get in Touch Today

Credit pulls can be difficult. With how important it could be to get a soft credit pull—for whatever reason you need it—you don’t want to struggle with it. Soft Pull Solutions is here to help. Give us a call, and our dedicated team of professionals will assist you with soft pulls, hard pulls, and other consumer data to help your business.

07 Sep 2023