Credit Check Software
We provide companies with credit check software to check their customers' credit reports and scores. Our cutting edge technology can be accessed through our cloud based software, or alternatively through a custom built API with our full XML documentation.
Credit Report and Score Software
- API Access
Soft or Hard Credit Checks
Fully FCRA Compliant
Servicing: Business Loan Brokers - Mortgage Brokers/Bankers - Solar - Equipment Leasing - Student Loans - More!
What is a soft credit check
Generally speaking, a soft pull credit check, also known as a soft credit inquiry, is a credit report that does not hurt the consumer's credit score and an inquiry is not placed on their credit report. Typically, a soft pull is used when a company wants to know whether or not the consumer would be approved if he or she did apply for the loan or credit line. When a company uses our soft credit check technology, the company instantly receives the consumer's full credit report and FICO score and can use that information to pre-qualify a customer. Our technology does not trigger compliance in the event you do not pursue the lead.
Soft Credit Check Use Case Example
Finance professionals use soft credit checks to prequalify customers before devoting time and resources on them. For example, businesses can run their prospects credit before spending significant amounts of time on the client's loan. Why waste time on a deal if the client doesn't have sufficient credit to finance the purchase in the first place? Other companies with strong internet marketing can drive traffic to a landing page and convert full credit report leads using soft pull web forms. Bottom line is, whatever your marketing, we can provide a full credit report from a soft credit check!
What is the difference between a hard and a soft credit check?
Generally speaking, and with broad strokes, a hard and soft pull can be distinguished by the intent of the business pulling the consumer's credit. Is the consumer's credit being run to finance them and make a lending decision? Or is the consumer's credit being run to see if they would qualify in the event they did apply for financing?
A soft pull is an inquiry that occurs when a company checks a consumer's credit report for informational purposes (such as pre-qualifying a prospect); not to make a final lending decision. Soft pulls do not hurt a consumer's credit and cannot been seen from other businesses on the consumer's credit report. Pre-qualification soft pulls do not require future compliance such as adverse action, OFAC, Risk Based Pricing, Etc.
Alternatively, a hard pull occurs when a creditor/lender checks a consumer's credit report to make a lending decision. Hard pulls require the consumer's consent. Additionally, hard inquiries will impact a consumer's credit score and will typically stay on their report for up to two years. A hard pull requires risk based pricing, a red flag system, an OFAC check, and an adverse action letter in the even a deal is not consummated.
Quicks Facts on Hard v. Soft Pulls
Pre-Qualification Soft Pulls
Consumer Consent Required: Yes
Data: Full Credit Report and FICO Score
Effect on Credit: Does not hurt consumer's credit
Information Required: Name and address only
Compliance Triggered: No
Traditional Hard Pulls
Consumer Consent Required: Yes
Data: Full Credit Report and FICO Score
Effect on Credit: Impact's the consumer's credit score and leaves an inquiry for up to two years.
Compliance Triggered: Yes
Do I need the customer's consent?
Yes. There are three ways you can get the consumer's consent. 1) through a form submission on iSoftpull web interfaces 2) get the consumer to fill out a paper application which has the proper consent language on it 3) get a voice recording of the consumer consenting to you running a soft credit report on them.
The reason we recommend these three options is because the FCRA requires consumer consent, and in the event a consumer disputes, we want to to have actionable proof that you did have consent. These three options above provide requisite proof.
What information is on a pre-qualification soft pull?
The entire credit report! More specifically, we deliver your choice of FICO or Vantage Score, trade lines, recent inquiries, debt to income ratios, bankruptcies, a report summary, warning messages, etc.
How accurate are soft pulls with iSoftpull
They are very accurate. In fact, the data returned on a soft pull is the exact same data on a hard pull and it will be the exact same FICO score.
Can I share the credit report with my affiliated companies?
No. Credit data is very sensitive and if your company is the "subscriber", you may not share your customer's credit data with ANY third parties.
Can I give the customer their own soft pull?
No. Unlike a hard pull, a pre-qualification soft credit check may not be provided to the customer, nor his or her FICO score. That said, you may offer "terms" based off of the soft credit pull.
How long will it take to get active?
It will take about a week from when we receive the subscriber application. We will also need a copy of your business license and you will need to register you company with Yellow Pages, White Pages, or 411.com.
How do I get sign up/get started?
Give us a call at 760-579-6171!
There are multiple ways to convert consumers into shoppers, however, over recent times its fair to say the eyeballs have shifted to mobile devices and social media. Go to your nearest shopping mall and you will see 75 percent of people on their phones. Marketers are adapting to this trend and if you own a dealership, so should you.
As a franchise auto dealer, there is a market out there that you might be missing out on in your local area. This market is the the sub prime consumer that that qualifies for financing however they do not know it. Many college graduates whom just got there first job are still driving around moms old car and would love to be sitting in a brand new Ford Fusion or a Toyota Camry with all the new bells and whistles and app integration these new cars have. Moreover, these Millenials are the same consumer who you will find on social media sites like Facebook, instagram, and Snap Chat.
With that being said, how would you like to run a digital add on these sites to your specific target audience, leveraging their curiosity of a pre-approval of a auto loan. Capture these leads with digital marketing, drive them to your site, run a soft pull, and let your sales team do the rest.
American Credit Systems core competency is providing credit reports to auto dealer at sub market price. From our experiences and listening to dealers, we have innovated some exciting products. Our short finance application with hyperlink button optimizations captures leads from your website so they will not go to your competitor. You pay a good amount of money driving traffic to your site and you should not let it go to waste.
5 Tips to Create Pre-Qualified Leads
1. Place "Get Pre-Qualified " Buttons All Over Your Website
The most common mistake we see from companies who have a soft pull tool on their website is they are not directing their visitors to the soft pull form. To maximize the benefits of your soft pull tool, every page that makes sense on your site (such as a car's individual page on a dealership's site) should have a button on it pointing to the soft pull form. The button should be easily noticeable and have a description telling customers they can get pre-qualified and it will not hurt their credit at all. We call the placement of buttons on your pages "optimizing" your soft pull. Companies who optimize their soft pull on their websites see a significant increase in lead flow.
2. Embed Hyperlinks On All Of Your Digital Marketing Pointing To Your Soft Pull
Companies who are active on social media and pay per click should add a link directing viewers to their soft pull in every. By adding a hyperlink to the soft pull, companies are able to covert their followers into pre-qualified leads in their CRM.
3. Encourage Your Sales Staff To Use A Soft Pull As A Marketing Tool
Encourage your team to refer people to the soft pull when they are out and about. Our soft pull is responsive/mobile friendly, meaning that the soft pull form is easily viewable on a iPhone or Droid. A tech savvy salesman can have the link stored on their phone notes and can instantly text message it to a prospective customer.
4. Use Soft Pulls As A Lead Generation Tool At On Site
Often companies have customers across the desk from them that don't want to run their credit because it may hurt their FICO score. By encouraging these types of customers to submit a soft pull, you will be able to overcome this objection and close more deals.
5. Include The Soft Pull Link in Your Company's Email Campaign
Marketers love email campaigns! I know this because I receive hundreds of emails from various companies. That said, I never see a link in the email pointing directly to the company's pre-approval page. By adding a link in your email campaigns, you can convert email lists into qualified leads/credit reports in your CRM!
Soft Pull Credit Checks Onsite
Small business lenders, student loan financiers, real estate agents, car salesmen, and others who sell products that require a credit check must read this article. The point of this article is to teach you how to find out if your customers qualify, and find out right now, wherever you are located.
The bottom line is you want to know about your customers credit history and probably what their credit score is . By the end of this article, you will learn how to instantly receive consumer credit scores and obtain full consumer credit reports, without running a hard inquiry on your customer's credit. You will be able to do this from your phone wherever you are at via an online web form. Further, if you are at a bar, baseball game, networking event, church, or any other location and your phone has a connection to the internet, you can instantly pull credit without hurting their score using just a name and address. You can also use our tool on your website to collect prequalified leads. Social Security and date of birth are not required.
Solar Companies Use Soft Pulls to Prequalify Customers
Before devoting time with a prospective solar purchaser, solar companies should prequalify their customers with a soft pull credit report. To be more specific, from our experience dealing with solar companies, the vast majority of their customers finance their solar panels. To qualify for financing, the customer must meet certain credit criteria, whether it be above a specific FICO Score, debt to income ratio, outstanding debt amount, credit card balances, etc. Solar companies can use a soft pull to instantly receive their prospect’s credit report without hurting the customer’s credit score.