08/02/11

Hard Credit Pull vs Soft Credit Pull [Infographic]

Only 31% of men and 26% of women know the difference between hard and soft credit pulls. The biggest difference?

Hard credit pulls will ding your credit. Soft credit pulls will not.

Small business loans can often require multiple inquiries depending where you go, and that’s a big deal. If someone asks to pull your credit, this graphic will help you understand what you’re getting into.

small business loans hard credit pull vs soft

 

Hard Credit Pull

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Uses

Soft Credit Pull

Uses

Facts:

Who Can Access Your Credit Report

SEE ALSO: Learn How to Build Your Business Credit Score

Permissible Purpose

Anyone with “Permissible Purpose” as defined by the FCRA can pull your credit. Here are the permissible purpose categories:

Lendio’s mission is to fuel the American Dream by making small business loans simple through options, speed, and trust. Whether you are looking for a business line of credit or a startup loan, Lendio offers hundreds of different loan products from a variety of lenders. Find out which business loan is best for you.

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Comments

  1. In regards to Soft Pulls, can a company pull my CR’s over 50 times since last Feb.? If so, don’t they have to have both my permission and especially a reason to pull that many times?

    I signed up for a 14 day trial to a credit monitoring service but after 3 days decided to cancel. This company also verified the date I started and cancelled (spoke with 3 different reps.!). But, since then even they do not know why their system is still pulling my CR’s. Even after I spoke with someone from their head office, my CR’s were pulled another 5 times.

    My main question now is, is this an FCRA violation? I did request for them to stop membership and this is in their system. I would really like this to stop because there is no reason for them to continually pull my CR’s… I was told that this could end up being a very costly error on their part, to the tune of $50k +! Are they correct?

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