Credit Check Questions

Credit Questions

What is a hard credit inquiry?

Also known as a hard credit pull or hard credit check, lenders and creditors use hard credit inquiries to determine your creditworthiness when you apply for a loan or credit card. These inquiries will appear on your credit report and impact your credit score.

What information does RateGenius need from me in order to perform a hard credit inquiry?

RateGenius will perform a hard credit inquiry when you submit an application with us over the phone or online. We do not need your Social Security number in order to perform this credit check and will pull your credit when you submit an application with us, as stated in our Terms of Use.

How will I know a hard credit inquiry is being made?

RateGenius will perform a “soft inquiry” — or a look into your credit file that won’t hurt your score — in order to determine if we can pre-qualify you for any offers. However, submitting an application with us will result in a hard credit pull. Be sure to read our Terms of Use before submitting your application.

Is a credit check required to apply for refinancing?

Yes. The only way to find the best interest rate to refinance your auto loan is for the lender to make an inquiry into your credit history.

I know my credit score. Is it still necessary to pull my credit?

Because credit scores can change without notice, an inquiry into your credit history is still necessary in order to find the best interest rate possible. Also, your score is only part of your credit file; lenders look at your full credit history before creating their offers.

Will all the lenders in the RateGenius network check my credit?

No. A few lenders may look into your credit history after RateGenius has made the initial credit check.

Will multiple inquiries for refinance hurt my score?

Because of new credit regulations passed in 2004, you can make multiple credit inquiries related to a single transaction and your score will not be affected any further as long as the additional inquiries are made within 14 days of the initial credit check.

I got a pre-qualified offer in the mail. Where did you get my information and credit report from?

Credit reporting agencies, such as Equifax and Experian, provide promotional marketing lists of people who meet certain predetermined credit criteria (just names and addresses — not your entire credit file). This is a common form of direct marketing — credit card and mortgage offers are good examples of these types of promotions. We do direct marketing through these credit agencies with some of the lenders in our network. Please note that these types of promotions do not show up on your credit report and do not affect your credit score.

Did it hurt my credit score when you sent an unsolicited offer for refinance to me?

No. A credit inquiry by RateGenius for a prescreened offer is considered a “soft inquiry” by the credit reporting agency. The soft inquiry is used for marketing purposes only. This means your credit score is not affected.

Do you share or sell any of my information?

Any information collected by RateGenius is only distributed to authorized agents or lenders within the RateGenius network, or as may be required by federal or state law or by court order. Otherwise, RateGenius will not sell or share any personal information in regards to yourself or with any person or organization without your authorization.

Can RateGenius remove a hard credit pull from my report?

Hard credit inquiries can only be performed if you agree to them. However, if you notice an error on your credit report like a hard credit pull you never approved, you should dispute it with the credit bureaus. RateGenius will never perform a hard credit inquiry without your consent.

Can you tell me my credit score or send me a copy of my report?

Under federal law, you have the right to obtain a free copy of your credit report from each of the nationwide consumer reporting agencies once a year. You can order a copy of your credit report by calling toll-free at 877-322-8228 or online by visiting RateGenius and any lender who pulls your credit is also required to send a notice of your credit score and reasons surrounding the approval or decline of your auto refinance application. These notices will be sent to you 5–7 business days after a decision on your application has been made, and a copy of your credit score disclosure notice will also be included in your loan package. If you receive a prescreened offer from a RateGenius mailer and you do not submit an application, you will not receive a credit notice.