Soft credit checks

christologymum

What is the difference for lenders between the 2? Ie what do lenders see different between a soft and hard check. I know the difference for the consumer.

Is the info limited somewhat on a soft check?

GingerBob_3

christologymum wrote: »

What is the difference for lenders between the 2? Ie what do lenders see different between a soft and hard check. I know the difference for the consumer.

Is the info limited somewhat on a soft check?

A question that's often asked, but as far as I know has not been satisfactorily answered on this forum; despite all the "experts" that hang around here.

Edit: And let's slightly rephrase it - what does anyone carrying out a soft search see?

B_G_B

christologymum wrote: »

What is the difference for lenders between the 2? Ie what do lenders see different between a soft and hard check. I know the difference for the consumer.

Is the info limited somewhat on a soft check?

Just going to put a few of my thoughts down. I am definitely not an expert.
Correction welcome.

When I obtain a copy of my credit report, I see everything that any company requesting my report will see. I base this assumption on the idea that this is the whole point of my statutory report - to see what is available to others. If others could see additional data, what would be the point in a statutory report?

Now, when I obtain the report, that is recorded as a soft search. So, a soft search can give access to all data.

Also assuming that a hard search also gives access to all data, it follows that a hard search and soft search are the same, except a company making either type of search will not see the soft searches, whereas I will.

I guess that a company requiring only certain data may get a discounted rate from the CRA’s compared to full data disclosure.

I would suggest that soft search data is not limited by the fact that it is a soft search, although there may be other limiting factors.

Again, I am no expert and my thoughts are not based on fact. Just put out there for comment.

AdrenalineJunkie22

Soft Check - like a identity these checks do not affect your credit rating regardless of how many are done

Hard Check - is a full check and will leave a mark on your credit rating...too many of these over a 6 month period will have a negative affect

Thrugelmir

Soft checks may be performed by employers who merely wish to check prospective employees creditworthiness

GingerBob_3

Thrugelmir wrote: »

Soft checks may be performed by employers who merely wish to check prospective employees creditworthiness

And what, exactly, would they see?