[Paperchaser]

who does this?

[Lenders.Marketing]

We do!

[1StopFunding]

Horizon/Pearl does

[R Garcia]

Everyone should!! rgarcia@venturecashadvance.com

[MaxAdvance]

At Max Advance we only do soft credit pulls. For forum members that are curious as to what the difference between hard and soft credit checks, here is an informative article.
http://cashmoneylife.com/hard-soft-c...-inquiry-pull/

Maxadvance Banner 2.jpg

[Ditty]

Quarterspot

[connect cbs]

what company are you using to do soft pulls?

[freddy]

We do as well

[MCNetwork]

Will soft credit pulls show you liens and judgements? Isn't this info necessary to make a valid offer?

[Eric S]

There's no such thing as a soft credit pull from a lending source. Google search the definition.

[Lenders.Marketing]

Soft credit pulls are an integral part of our Business Owner Trigger Leads.

[Eric S]

Because some people feel the need to speak about things they have never bothered to research here are the facts (pulled from creditkarma.com but can be found on MANY other sources as well)

Soft Credit Inquiries:
Always
•Checking your own credit score
•Pre-approved credit card and loan offers
•Background check, such as those done by employers
Sometimes
•Applying to rent an apartment
•Verification of identity by a financial institution, such as a credit union or stock brokerage
•Renting a car
•Getting a TV/high-speed internet account
•Opening a checking, savings, or money market account

Hard Inquiries:
Always
•Applying for an auto loan, student loan, business loan, or personal loan
•Applying for a credit card
•Applying for a mortgageSometimes
•Applying to rent an apartment
•Verification of identity by a financial institution, such as a credit union or stock brokerage
•Renting a car
•Getting a TV/high-speed internet account
•Opening a checking, savings, or money market account
•Requesting a credit limit increase
•Getting a cell phone contract


Some credit pulling web sites will charge you less if your pull can only look back 3 months at other inquiries. This is still a hard inquiry. I learned this the hard way because of an upset customer.

[connect cbs]

ok.. still waiting for someone to share which company provides soft pulls.

[Eric S]

ok.. still waiting for someone to share which company provides soft pulls.

NO ONE CAN. IT'S IMPOSSIBLE. If you would like to get into property management you can do them all day long, or debt consolidation. Just look up and read.

[Drizzle]

Learn how to manage your merchant! If you can't get them to do a simple credit pull you should go back to selling real estate!

[WhoisKingsley]

We do... We do a one time credit pull for all lenders to see and use for offers until YOU accept an offer (then the lender will pull there final credit pull). Email me for more information Amanda@FundersCloud.com

[Lenders.Marketing]

Our latest batch of Business Owner Triggers are in. We have 43K MCA's and 32K ACH's exclusives starting at 25 cents per.

[Eagle Funding]

Ill get it done

[Eric S]

We do... We do a one time credit pull for all lenders to see and use for offers until YOU accept an offer (then the lender will pull there final credit pull). Email me for more information Amanda@FundersCloud.com

No you don't and if you make this promise and the customer double checks (creditkarma actually marks them as hard or soft) you're going to have a ticked off customer and broker.

[Andy]

I think there is a lot of confusion about what exactly a soft pull is.

I think that people are saying soft pull when they really mean that they run just one bureau, instead of all 3.

which is not technically a soft pull, it is still a hard inquiry

I do find it a little disturbing that there are some direct funders on here in this thread that claim to do soft pulls when in fact they do not

[Sean Cash]

I do find it a little disturbing that there are some direct funders on here in this thread that claim to do soft pulls when in fact they do not

I agree. There are a good amount of funding companies out there who do not even know how to read a credit report, let alone know what kind of inquiry they're making.

Bank statements are king right now. Everybody's obsessed with deposits and NSFs, not that there's anything wrong with that. It's popular to say "credit doesn't matter" but FICO makes some pretty alarming predictions.

In this business we say 600-649 FICO score is good, yet statistics state that 31% of borrowers in this score range will become delinquent on a debt by 90 days or more in the next 2 years.

500-549 FICO, 71% of borrowers will become delinquent by 90 days or more in the next 2 years.

Under 500 FICO. 87% will become delinquent by 90 days or more.

This industry tries to beat the odds by:
1. Automatically collecting payments rather than giving the borrower the responsibility of submitting payments on their own.
2. Collecting every day or week.
3. Looking at historical cash flow, something that FICO doesn't do.
4. Lending or funding a business, not a consumer. FICO calculates consumer risk. But I have seen data to suggest that MCA deal performance correlates with owner FICO scores.
5. Structuring short term deals.

I'd say the sophistication of underwriting in this industry as a whole when it comes to credit reports is pretty low. The companies that have been around for a long time are good with them but for the newer companies, it's all about the bank statements.

[J.Celifarco]

How can we expect people to know how to look in depth into a credit report when an alarmingly large number of people that I speak to at banks everyday don't know the difference between a WIRE or an ACH.

[Eric S]

I agree. There are a good amount of funding companies out there who do not even know how to read a credit report, let alone know what kind of inquiry they're making.

Bank statements are king right now. Everybody's obsessed with deposits and NSFs, not that there's anything wrong with that. It's popular to say "credit doesn't matter" but FICO makes some pretty alarming predictions.

In this business we say 600-649 FICO score is good, yet statistics state that 31% of borrowers in this score range will become delinquent on a debt by 90 days or more in the next 2 years.

500-549 FICO, 71% of borrowers will become delinquent by 90 days or more in the next 2 years.

Under 500 FICO. 87% will become delinquent by 90 days or more.

This industry tries to beat the odds by:
1. Automatically collecting payments rather than giving the borrower the responsibility of submitting payments on their own.
2. Collecting every day or week.
3. Looking at historical cash flow, something that FICO doesn't do.
4. Lending or funding a business, not a consumer. FICO calculates consumer risk. But I have seen data to suggest that MCA deal performance correlates with owner FICO scores.
5. Structuring short term deals.

I'd say the sophistication of underwriting in this industry as a whole when it comes to credit reports is pretty low. The companies that have been around for a long time are good with them but for the newer companies, it's all about the bank statements.

Very good info. I find it interesting that lenders don't give a rats behind how much money the merchant is requesting and what they are using it for during pre-qual/approval or better yet, what their tolerable monthly budget is.