What do soft hits on your credit do to your credit score? [Archive]

View Full Version : What do soft hits on your credit do to your credit score?

-=phelan=-

Nov 9th, 2009, 06:38 PM

Donomight25

Nov 9th, 2009, 06:55 PM

I'm in the process of hunting for home + auto insurance and every agent I talk to on the phone about quotes is pretty much saying it's going to be a soft hit on your credit score. What type of impact does a soft hit have on your credit score cuz mine is pretty good and like to keep it that way :)

0 impact. Soft taps are companies that have permission to look at your credit, but don't want a full inquiry.

Pros:
No change to your fico score
No personal info updated (ie. address, phone num ect)

Cons:
Full disclosure is not given.
No personal info updated (ie. address, phone num ect)
Can see other soft taps (competition doesn't like to see 12 other inquiries)

tkyoshi

Nov 9th, 2009, 08:58 PM

Actually Donomight25 you can see the soft inquiries, but lenders/companies won't see it when they pull a hard report.

They only see the hard inquiries.

-=phelan=-

Nov 9th, 2009, 09:15 PM

if your competitors can see that you're shopping around, isn't that a good thing that they had better offer you the best rate because "they know" you're looking around.

Donomight25

Nov 9th, 2009, 10:04 PM

Actually Donomight25 you can see the soft inquiries, but lenders/companies won't see it when they pull a hard report.

They only see the hard inquiries.

If you pull your own bureau, of course you see the soft taps.

Soft taps see other soft taps. I do it all the time. Daily. Hourly.
ie. ICBC for insurance. Iqor for collections. Wells Fargo for credit. ect ect ect

Lenders/creditors won't see it when the pull a full TU. We went over that in pros/cons.

**** 2 types of soft-taps ****
Non-credit related inquiries
-Consumer Disclosure.
-Rent check
-Insurance

Account Review Inquiries
-Major bank
-Cable company
-Collection company