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#1501955 - 01/28/11 05:25 PM Guarantors and soft pull
Burgess Offline
Diamond Poster
Joined: Jan 2004
Posts: 1,620
Hard Pull vs Soft Pull

Commercial loan guarantors - loan officer wants to pull a credit bureau on each BUT he wants to do it as a soft pull so that it does not affect their score. The credit reports are only due diligence and will not affect the loan rate.

Can we pull credit as a soft pull in this instance.
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My views, not my employer's views.

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#1502299 - 01/28/11 09:20 PM Re: Guarantors and soft pull Burgess
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
Can you please tell me what a "soft pull" is?
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Just working here until I get my letter from Hogwarts.

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#1502901 - 01/31/11 08:17 PM Re: Guarantors and soft pull HRH Okie Banker
Burgess Offline
Diamond Poster
Joined: Jan 2004
Posts: 1,620
soft pull does not count as a inquiry. e.g. if you are reviewing a loan and you pull credit as part of the review process (assuming you have permission)
_________________________
My views, not my employer's views.

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#1503012 - 01/31/11 10:18 PM Re: Guarantors and soft pull Burgess
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
I must not have the ability to "soft pull" since I still don't know what it encompasses. I didn't know you could "pull" a credit report that doesn't reflect on their score, unless it is in a pool for a special offer you might be sending out to multiple consumers.
_________________________
Just working here until I get my letter from Hogwarts.

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#1628252 - 11/14/11 09:08 PM Re: Guarantors and soft pull HRH Okie Banker
1 Peter 5:7 Offline
Diamond Poster
1 Peter 5:7
Joined: Jun 2001
Posts: 1,339
TX
I, too, thought that soft pulls were used for marketing purposes. Do soft pulls disclose a FICO score? What other credit information is in a soft pull?
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Opinions are mine not my employer's, and should not be taken as legal advice.

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