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Too many soft searches?
AlecEiffel
Posts: 874 Forumite
Hi all,
Is it possible to have too many soft searches? I know they don't show up the same way as a full search does but didn't know if they can have other effects?
We have an agreement in principle from our bank for a mortgage while we are house hunting and they did a soft search. We've not found a house we like to put an offer on yet and our AIP is running out. We can request a new one but it means a new soft search. Is it better to wait too we see a place we like or are soft searches a few months apart not an issue?
Is it possible to have too many soft searches? I know they don't show up the same way as a full search does but didn't know if they can have other effects?
We have an agreement in principle from our bank for a mortgage while we are house hunting and they did a soft search. We've not found a house we like to put an offer on yet and our AIP is running out. We can request a new one but it means a new soft search. Is it better to wait too we see a place we like or are soft searches a few months apart not an issue?
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Comments
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The very nature of them being soft searches means they cannot have any impact on your credit file, from a lenders perspective.
They might have a visible impact on the score you see if you are a creditexpert member, but not for lenders.Karma is a wonderful thing.0 -
Hi AlecEiffel - I have been wondering a similar thing myself - and if anyone can help with how do you know when you get your own credit report which ones are "soft" searches - does it say that against the search? For example, I opened up an account with Paddy power to place a few bets whilst on holiday (but not something I do regularly) and now I can see a credit search on my file by them even though I didn't ask for credit?? Will this have an impact on me obtaining credit, or would this have been a soft search?
Thanks for any help0 -
The reports from each of the 3 Credit Reference Agencies show you the type of application or search that was recorded, so this information will indicate to you whether or not others can use the search data as input into their decisions. Generally, searches for identity verification/authentication, quotations, consumer enquiries are not visible to lenders. Applications for credit are.0
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What does a soft search show a lender - what can they see - all detail?0
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Hi AlecEiffel - I have been wondering a similar thing myself - and if anyone can help with how do you know when you get your own credit report which ones are "soft" searches - does it say that against the search? For example, I opened up an account with Paddy power to place a few bets whilst on holiday (but not something I do regularly) and now I can see a credit search on my file by them even though I didn't ask for credit?? Will this have an impact on me obtaining credit, or would this have been a soft search?
Thanks for any help
It does not say 'soft search' but will say the reason - maybe 'anti money laundering check', 'identity check', 'generic enquiry' etc. In the case of Paddy Power they will be conducting a check not to see your credit score, but to confirm your ID and address. This is partly to protect them but mainly to comply with anti money laundering due diligence requirements. Bookies must know who their customers are.
No potential lender will know it is Paddy Power searching regardless of the type of search, and I doubt this search will be visible anyway.
I cannot see how anyone could have 'too many' soft searches. You are the only one who will know about them.0 -
Thanks Paulw922 that makes more sense to me now!0
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