At Guild Mortgage, we know how important it is for our customers to protect their credit score. To help with this, we are thrilled to offer the convenience of soft pull credit reports. You can now get a comprehensive look at your financial status without worrying about any drop in your credit score – a huge relief for anyone considering a big purchase or loan! Keep reading to learn more about soft pull credit reports and how they can benefit you.
What is a Soft Pull Credit Report?
A soft pull credit report is a type of credit report that shows certain information from your credit history when lenders check your credit before approving a loan or other type of application. A soft pull does not affect your credit score and it is also sometimes called a soft inquiry or pre-qualification check. The items included in a soft pull just looks at credit history. It does not take into account income or employment. Another benefit of the soft pull is being proactive. You can see if you need to improve your score and we can put you on a credit improvement plan. We also have the ability to pre-qualify you with this report AND best of all it is not public so you won’t be bombarded with telemarketers! It allows time to opt out of this and protect your privacy. It is a win-win!! All in all, having access to a soft pull credit report gives you the needed data to make sure that every time you apply for something it leads to an increase in your chances of getting what you need – without negatively impacting your credit score.
What is a Hard Credit Report?
A hard credit pull occurs when a lender or other institution obtains your credit report from the three major credit bureaus: Equifax, Experian, and TransUnion. It is often done by lenders when they are considering giving you a loan such as a home mortgage or auto loan, or when applying for a new credit card. Even employers might use it to review your financial situation before hiring you. A hard pull appears on your credit record and may cause a minor dip in your score, but this should return to normal within a few months. Shopping around for the best loan rates can minimize the impact of having several hard pulls appearing on your report at once. Knowing what is involved in initiating and taking out a loan can help you make more informed decisions about how to approach financing potential purchases and manage related risks.
How to Get a Soft Pull Credit Report
Getting a soft pull credit report is easy! Just send me an e-mail at edavis@guildmortgage.net and I will be happy to help you.
