What is soft credit score check? I will add a question. What is hard credit score check?

Let’s start with the latter. A hard credit score check is when your credit report is run. To be more specific, you authorized your credit report to be run. This will result with an inquiry on your credit report. Having multiple inquiries can impact your credit score over time. Another point to be made, the credit scoring systems available to creditors has changed over the years. There are many different scoring models. For example, a scoring model for someone who applies for a credit card can be different than someone who applies for a car loan. So, if you were told you have a 760 score, great! But, what type of credit scoring model was used? Just keep in mind, if you apply for a different type of credit the score may not be the same.

A soft credit score check is not something you authorize. Also, it does not result in an inquiry. So, you score is not affected. Normally, you see a soft credit score check in the form of a solicitation. Check you mail or email. Every once in a while you will get a credit offer (credit card offer, car loan offer, etc.). On this credit offer, you may see a credit score. What has taken place? The solicitor (creditor) has contacted one (or all three) of the major credit bureaus for your profile. Based on the scoring model used, the solicitor is letting you know your profile represents a certain score (without actually running a credit report). This is completely legal. But, if you do not like this type of solicitation, you can do something about it. You can opt out. Click this link to start the opt out process, OptOutPrescreen.com.

If you are looking for more details, please contact me, Ken@KenLends.com.