What is a Soft Credit Check?
Generally speaking, a soft credit check, also known as a soft pull, is a credit report that 1) does not hurt the consumer's credit score and 2) does not place an inquiry on their credit report.
Typically, a pre-qualification soft pull is used when a company wants to know whether or not their customer would qualify for a loan if he or she applied. This will help them save time and money on prospects that do not qualify, and also present correct pricing terms and suitable loan products to those customer that do qualify.
When our customers use our soft credit check technology (iSoftpull), our customers instantly receive the consumer's full credit report and FICO score and can use that information to pre-qualify a customer for their goods and services. iSoftpull does not trigger compliance in the event you do not pursue the lead.
Website Integrations
Online platforms with financing options love our iSoftpull Quick Solution and APIs.
- Website Integration
- Consumer Facing Application Forms
- Instant Decisioning
- API Documentation
- Sandbox Environment
- Full Control & Development Freedom
Soft Pulls For Mortgage Professionals
Why Would A Mortgage Broker Use A Soft Pull?
- Get More Leads Online and Generate More Revenue: Because a soft credit check can be done with a name and address only and does not impact a consumer's credit, consumer's are more willing to fill out online pre-qualification applications. This is because it takes less time than filling out a full length application online (people hate filling out long applications) and customer's are reluctant to give out their social security number.
- Get More Leads With Verbal Consent: With verbal consent on a recorded line, mortgage professionals can pull their client's credit report and FICO score. We have found that consumers become sticky to a mortgage professional once they have ran a soft credit check on them. More specifically, once a mortgage professional has ran the customers credit, he is able to speak more intelligently about the deal, and is also able to "sink his teeth" into the deal.
- Get More Referrals: Real estate agents will send you all of their client's because they are self interested and want to know their customer's credit score, but they do not have the ability to run credit because they are not the lender.
- Save Time and Money: Running a soft pull will put you "in the know" about your prospect's credit condition at the beginning of the sales cycle. This will save you time and money from working on deals that do not qualify in the first place.
- Protect Your Leads: Soft pulls do not activate "trigger leads." Because a soft pull does not place an inquiry on a customer's credit report, your competitors trigger leads will not be activated.
- Save Money Again: Soft pulls cost about $3 each... a tri-merge can cost up to $30 per report. Mortgage brokers using soft pulls save money because they wait until they are confident they have a deal to run a tri-merge and they don't run them on deals that don't close. They can do this because they can get the full credit report from iSoftpull. Also, they are happy to pay the fee for the tri-merge when they are confident hey have a deal.
Online Lead Generation
Our software enables you to pull your client's entire credit report using their name and address only, from your website.
Getting Consent on the Phone
While on a recorded line, and with your customer's consent, you can pull your client's entire credit report and FICO score.
Face to Face Meetings
Through a paper application, your mobile phone, or your computer, our software will instantly give you your client's credit report.
How to get real estate agents to send you deals
Put yourself in the shoes of a real estate agent. Not having the ability to check your client's credit, but being totally dependent on your client's credit for their ability to buy a house. Picture yourself driving your client around for months on end to look at houses only to find out they do not qualify... Were talking lunches, dinners, greeting cards and everything only to find out they have a 500 credit score! This is where you come in...
With iSoftpull, you can give your real estate agent referral sources on demand access see what loans their clients qualify for. This is done through our state-of-the-art decisioning engine which integrates in to your website. Simply select your underwriting criteria in your iSoftpull portal, and when your client submits an online application, it will tell them what loans they are prequalified for. This will give you the lead, the real estate agent an understanding of their client's credit, and the consumer an idea of whether or not they can qualify for the home purchase.