Q. What information is required for a borrower to use the SoftPull instant credit check tool?
A. The required fields are First Name, Last Name, Address, and Email Address. If the consumer cannot be found with this information the tool will ask for birth date. If the consumer still cannot be found the tool will ask for a Social. The majority of consumers can be found with just a Name and Address.
Q. Do I need written consent prior to my borrowers using the SoftPull?
A. No, your borrower consents to pulling credit when they fill out the short from. The IP address and timestamp is saved for proof of consent for SoftPull.
Q. Do my borrowers have to pay for this service?
A. No, the tool will not ask your borrowers for a credit card. The fees for the tool will be billed to you directly. The tool is meant to be as easy as possible for your clients. The easier the tool is for your borrowers the more likely they are to use it! See the Product Page for pricing.
Q. Does the Instant SoftPull product generate an inquiry on my borrowers credit?
A. No, the Instant Pre-qual tool accesses your borrowers credit as a soft inquiry. This will not affect their credit score and no other lender will be able to see the inquiry. Only the consumer will be able to see soft credit inquiries on their personal credit report.
Q. Will I have a unique link that I can share with my borrowers?
A. Yes, you will have a unique link that you can share with your borrowers that will notify you directly when a prospect has filled out the form.
Q. Can I track referral sources?
A. Yes, you can create a unique link to share with various referral sources. When a prospect completes the Pre-qual form you will be able to identify which referral source that prospect came from. Click here to learn how to share SoftPull with your referral partners.
Q. Can I fill out the Instant SoftPull on behalf of my borrowers?
A. No. The Instant SoftPull is only to be initiated by the consumer. The consumer must agree to the terms on their own.
Q. Will my borrower get a credit report or score when completing the SoftPull tool?
A. No, if they meet your criteria for specific loan products, the products they are qualified for will be displayed on the results page. You will receive a full Experian credit report in your MonitorBase account, but that report is for your information only.
Q. What do my borrowers see if they are not qualified?
A. If your prospects do not meet your credit criteria for your loan products, or if the consumer report can not be found, they will receive a message stating "Your credit pre-qualification status cannot be determined at this time. One of our representatives will be in contact with you to follow our standard application procedure." The SoftPull product is not meant to deny prospects.