Soft Pull Solutions from 700Credit
The term “soft pull” refers to an action where
an inquiry is made on a consumer’s credit
file using name and address only. There is no
social security number or date of birth required, and
more importantly, it will not place a hard inquiry on
the consumer’s credit file.
700Credit offers two kinds of soft pulls: a
consumer-initiated or prequalification soft pull and
a dealer-initiated prescreen soft pull.
With a prequalification, the consumer drives the
process and provides “consent” to have the soft
inquiry pulled. These types of soft pulls can be
found on dealer websites and digital retailing apps,
in the form of buttons and banners strategically
placed to receive the highest rate of clicks. Upon
completion of the prequal form, the dealer is
provided a FICO score, full credit file, and auto
loan summary so they can provide “penny perfect”
payment quotes with interest rate so the first call
can be a closing call.
With a prescreen, dealers initiate the soft pull using
the consumer’s name and address (again no SSN
or DoB required) and receive a FICO score and auto
loan summary again so they have visibility into
the consumer’s credit profile and can provide an
accurate payment with interest rate at the top of the
sales funnel.