Soft Search

A soft search is a credit check that retrieves information from a credit file but does not leave a visible footprint that other lenders can see. Soft searches do not affect credit scores and can be run multiple times without negative consequence. They are used for initial eligibility assessment, identity verification, and marketing screening.

For business finance applications, a soft search approach allows a broker or lender to assess initial eligibility and likely options without the credit file impact of a hard search. This is important for businesses exploring their options across multiple lenders - hard searches from multiple simultaneous applications can temporarily reduce credit scores.

Spark Finance uses a soft search approach on initial assessment. Hard searches are only conducted by lenders when a formal application is progressed, and applicants are informed before this happens. This protects the applicant's credit file during the process of identifying the most appropriate options.

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