Results 1 to 12 of 12
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07-05-2019, 10:29 AM #1
Soft Pull on Credit
When a funder pulls soft pull what do they actually see?
Score or detailed debts and balances? Lates pays etcc..?
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07-05-2019, 11:53 AM #2
- Join Date
- Jun 2018
- Posts
- 55
They see a decent amount. It is pretty easy to price out a deal on a soft pull.
David Fite
Director of ISO Relations
Windgate Capital
40 Wall Street, 29th Floor, New York, NY 10005
Direct: (516) 400-2087 ǀ Fax: (347) 708-8699 | Cell: (929)-361-4156
David@WindgateCapital.com ǀ https://www.WindgateCapital.com/
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07-05-2019, 03:24 PM #3
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07-09-2019, 04:50 PM #4
- Join Date
- Nov 2016
- Posts
- 166
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Last edited by swiftcloser; 01-28-2020 at 09:44 AM.
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07-09-2019, 04:55 PM #5
- Join Date
- Jul 2018
- Location
- New York, NY
- Posts
- 22
There is no difference between a hard and soft pull when it comes to the actual credit history. The only difference is that hard pulls affect the credit score for 12 months; where a soft pull does not.
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07-09-2019, 05:02 PM #6
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,493
The hard pulls are usually done in Jupiter, FL...soft pulls...Miami
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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07-09-2019, 05:07 PM #7
- Join Date
- Apr 2015
- Posts
- 300
no difference actually think experian is making all mca shops go to soft pulls
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07-09-2019, 05:19 PM #8
- Join Date
- Feb 2017
- Posts
- 3,450
There are legal laws with regards to extending loans and the Fair Credit Reporting Act. Soft pulls are for preapprovals and hard pulls with respect to a specific credit application. So Bluevine and Fundbox both do a soft pull for preappoval and hard pull once he makes his first pull. I do not know the rules behind MCAs.
I hate it when I see an otherwise incredible client with fantastic credit who is no longer bankable and credit basically was ruined because he trusted one broker who shopped him around with an email blast.
I am not a lawyer, and I don't even play one on TV.
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07-10-2019, 01:09 AM #9
- Join Date
- Apr 2019
- Posts
- 72
Chrome Capital does not pull credit until doc requests - and credit is used to verify name and addresses - not to consider the score or history.
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07-10-2019, 09:50 AM #10
- Join Date
- Apr 2017
- Posts
- 66
You see everything except liens and judgments. You can lookup judgements against the business/person on webcrims for NY because all COJs are always filed in NY anyway.
Also the score is usually like 20 points off.
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07-10-2019, 10:23 AM #11
- Join Date
- Nov 2016
- Posts
- 166
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Last edited by swiftcloser; 01-28-2020 at 09:44 AM.
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09-28-2019, 03:06 PM #12
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
We do soft pulls and UCC checks before we send clients out to our Partner Banks. We see the entire credit file- open/closed accounts, inquiries, balances- times 30 days late etc.
If you know what you're dealing with it expedites the process- and the clients do not get blasted.
They do NOT show tax liens- that's why Lenders have clients fill out tax transcripts
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