Know your customer's credit condition... now

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Equifax, TransUnion, Experian, and FICO® Scores.
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What's the difference between a hard and a soft pull?

The difference is the purpose the report is being used for. A soft pull is used for prequalifying a customer; a hard pull is used when a customer is applying for a loan. Both require the customer's written permission to pull their report.

Prequalification Soft Pulls

A soft credit check is a credit report that does not hurt the consumer's credit score, does not place an inquiry on their credit report, and requires the customer's written permission to pull their report.

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.

iSoftpull get pre-qualified online inquiry web form

Hard Credit Checks

A hard credit check is used when a customer is applying for a loan. As such, a pre-qualification soft pull is not a replacement for a hard pull. A hard pull still must be ran when giving a loan, they just don't need to be used on every prospective client that wants to know if they qualify and what their terms would be.

iSoftpull credit check online webform screenshot

Should I use a
Soft or Hard Pull?

Great question! The answer is both!

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.

apply for a loan or get prequalified loan form question mark comparisions

If I still have to run a hard pull, why would I run a soft pull?

Running a soft pull first is not only the best thing for your company, but it serves your client best too. It's great for you because you will be able to see if you client qualifies before spending time, money, and resources spent on an unqualified prospect. Consider the soft pull a magic wand that tells you your customer's credit right at the beginning of the sales cycle.

Click to the next slide to find out the consumer's benefit.

See if your client qualifies online icon graphics

Your customer prefers a soft pull first... here is why:

A hard pull has effects and requirements that a soft pull does not. 1) It will put a hard inquiry on their report, even if they do not get the loan. 2) It requires them to fill out a lengthly credit application and divulge their Social Security number and date of birth. They may not be ready for all that when all they are asking for is a rate.

no hard inquiry, fast application, web icon graphcis

Soft v. Hard Pull Comparison Chart

Feature/Use

Soft Pulls

Hard Pulls

Agency

Social profiles

Unlimited

Team members

Unlimited

100

Unlimited

Competitors per profile

500

Industry Benchmark

Conversations

Tags and mentions

Monitoring

Conversations

Comments export

Customized feeds

Additional feed

Tags and mentions feed

Get Started Get Started Get Started

Data on the Reports

Soft Pulls

Hard Pulls

FICO® Scores

Yes

Tradelines

Yes

Inquiries

Yes

Collections

Yes

Public Records

Yes

Employment History

Yes

Feature

Potentially Lowers Score

Yes

Places Hard Inquiry on Report

Yes

Requires Social Security Number

Yes

Requires Date of Birth

Yes

Can present terms to client

Yes

Can effectuate a loan

Yes

Requires borrowers consent

Yes

Get a deep and accurate understanding of your client's credit condition, instantly!

Benefits of using soft pulls

Spend more time on qualified prospects

When you know the credit of all of the prospects in your lead pool, you will be able to focus your efforts on the prospects with good credit.

Spend less time on deals that don't qualify

Understanding your client's credit right out of the gate will save you time and money spent on unqualified prospects.

Generate more revenue and close more deals

By focusing your sales department on deals that have great credit, and cutting out time spent on deals that have no chance of closing, you will optimize your valuable resources and end up closing more deals!

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

Industry-specific FICO® Scores are versions optimized for a particular type of credit product, such as credit card or auto loan. The fundamentals of industry specific versions are based on the original FICO® Score, though tailored to analyze risk behaviors relevant to particular industries.

FICO® Score Versions

As consumer behavior changes over time, FICO® updates scoring to reflect the change. For example, consumers use credit much more now they did in the past. iSoftpull has access to resell all versions and can append multiple versions to each consumer's credit report.

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prequalify your prospects.

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Know your customer's credit condition... now