What is A Soft Pull Report?

A soft pull, or soft credit check, is a way to pre-qualify applicants without impacting consumers' credit.

Soft pulls, unlike hard pulls, won't impact a customer's credit score because they aren't linked to a specific application for new credit.

Why Use a Soft Pull Report?

One reason businesses use a soft pull credit check is to see if their customers qualify for specific types of loans or large purchases. This helps avoid multiple inquiries on consumers' credit reports. Pre-qualifying applicants with soft pulls helps save time and money while guiding the customer through the sales process with a better experience.

A soft pull helps brokers, lenders, and other businesses check consumer credit to understand creditworthiness and prequalify customers. Many companies will need to review liens, judgment data, and income information to verify employment during the financing approval process.

If you need a credit report on a business, we can help you with that, too. Simply give us a call to discuss your options. Usually, though, a soft pull is sufficient for most businesses.

1. Soft pulls do not impact the consumer's credit: With Soft Pull Solutions, you'll get the same information as a hard pull with no impact on your customer’s credit. A soft pull is the best method of prequalifying candidates without harming their credit scores because these credit checks are not recorded in the report. You can now prequalify a customer with a soft pull, and rest assured that the credit scores of your clients won't drop.
2. Soft pulls are cheaper than hard pulls: Soft pulls are also cheaper to conduct than hard pulls, which means you save both time and money.
3. You do not need social security to run a soft pull: With a soft pull, you can obtain your customers’ full credit report and FICO score using only their name and address. A soft pull does not require their social security number or date of birth.
4. The credit report is no different than what the bank or lender will see when they pull the report: One helpful aspect of soft pulls is that they contain the same information as hard pulls. There's no difference between the data reports.
5. Soft Pull Solutions pulls data from the three main bureaus: One seamless pull gives you access to Experian, TransUnion, and Equifax. These three credit reporting agencies are used to compile a client credit file. In addition, our Multi-Bureau Summary gives you an instant view of your applicants' credit scores from each of the bureaus. This makes it easy to highlight your highest credit score. Our credit reporting services also include the tools you need to meet regulatory compliance requirements.

Other Services We Offer

There are countless advantages to utilizing our customizable software. With these additional services, you will have access to more information that can help you detect any red flags within a client's credit report.

API integration

Custom API can improve business productivity & revenue. With application programming interfaces (API), you will see a high return on investment (ROI) and an increase in your business's output and earnings. Although using APIs may seem daunting at first, integrating APIs can significantly enhance the efficiency of your business and the quality of service you provide to your customers.

In the past, conducting business required extensive use of paper documents and in-person meetings, which consumed valuable time and resources. The development of custom APIs has helped financial institutions accomplish even more in less time. Thanks to our modern APIs, gathering information from various sources simultaneously allows for more thorough and efficient analysis and decision-making, which allows businesses to increase productivity, save time and money, and grow faster.

Alternative Credit Data

The information you can gather from this report will help you find more information about your client's background, history, and financial state. It can also help you understand the risks involved in moving forward with clients more accurately. It allows you to see things like bank accounts, employment status, property, debt payment timelines, rental lengths, and other information that will give you confidence in making decisions regarding a customer.

Automated Income Check and Employment Information

This service allows you to gather information quickly and accurately about a customer's job history, the name of their employer, tenure status, and income. This information is essential when pre-approving someone for a loan.

ID Verification and Fraud

This is an accurate and instant verification that utilizes a client's driver's license. It is instant, extremely accurate, and can help you detect any fraudulent activity, red flag alerts, and give you confidence in a client.

Compliance Management

This service will allow you to become more organized. When dealing with these reports, it can be challenging to keep everything organized in a way that doesn't require sorting through excessive files. Our compliance dashboard increases organization. This service also sends out any adverse action letters for you, which lowers your labor costs, decreases the chances of human errors, and ultimately helps you streamline the process further.