A hard credit search is a thorough check a lender runs when assessing an application. Unlike a soft search, a hard search leaves a visible footprint on the credit file that other lenders can see.
Hard versus soft
A soft search is often used for eligibility checks and quotes and does not affect how others view the file. A hard search is usually run at the point of a full application decision.
Company and director information
In business lending, a lender may look at the limited companys own credit profile as well as related background information. Credicorp lends to the company, so our focus is on the businesss standing.
- Hard searches are visible to other lenders.
- Soft searches are not.
- Multiple hard searches in a short time can look like financial pressure.
If you want to understand what searches a Credicorp application involves before you proceed, ask us and we will explain the process clearly.
See also: Business credit reference agencies explained, Will applying for a Credicorp loan affect my credit file?, What is a guarantor in business lending?.