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Asset Based Loan

Credit Inquiries You Cannot Avoid

“Credit Inquiries” has been a topic of much conversation and concern in recent years.  The following is current information you should know about credit inquiries you may not want to avoid.

There are however,  credit inquires you should not avoid because they often are the best programs available in the market.  Soft pull credit options are available as well.   Apply Below: 

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Some of the best business loan programs are hard pulls

Avoid all credit inquiries can keep you from getting what you want..

Many people are reluctant to have  credit inquiries to be pulled on them even if they are applying for a loan.  They tell lenders that they want to be considered for the financing without their bureau being pulled.

This is not feasible or realistic, especially if the request is in the name of an individual.  In most of these cases, these requests are in the name of a small business and the owner wants the request to be in the company name, not in their personal name.

If a business has less than 35 employees, in most cases the lender requires the owner’s credit to be reviewed.   There are options you can take if you have had too many credit inquiries pulled.

But I pulled my own credit report!

Virtually no lenders will decide your loan request with a consumer obtained bureau.

Consumers can contact credit reporting agencies as well as outside vendors that provide bureaus and get all 3 bureau reports.   These files are not the same that lenders obtain.  Consumer reports are formatted differently and are simpler than the lender’s re.  The consumer version often provides more written explanation and sometimes less numerical detail.

Consumers will sometimes review their bureau and tell the lenders to use the consumer obtained reports they have rather than the version pulled by the funding source.   The report the consumer has will almost always be older.   The lender wants to see if anything has happened since the date of the report the consumer has in hand.

There are many outside vendors that provide intermediate party credit files.  Lenders are not, and should not be expected to know whether those vendors provide updated and satisfactory information.  Lenders are not obligated to use those.  As a result, consumers should not expect to avoid inquires by demanding that lenders use their consumer version.