We want to give you the lowdown on soft credit checks and how they work at Flexcar. A soft credit check is an inquiry into your credit score that has no impact on your actual credit score. So, no need to worry about any negative effects when we run this check.
Why do we do soft credit checks? Well, it helps us determine your credit score, which in turn helps us determine the deposit requirements and pricing options we can offer you. It's all about tailoring our services to fit your specific needs.
Rest assured that your credit score is important to us, and we want to make sure we're providing you with the best options possible. The soft credit check allows us to gather the necessary information without affecting your credit score.
At Flexcar, we value transparency, and we want you to feel comfortable and informed throughout the process. If you have any questions or concerns about soft credit checks or how they impact your experience with us, don't hesitate to reach out. We're here to help!
Which credit bureau handles the soft credit check?
Equifax is the credit bureau that Flexcar works with. To evaluate creditworthiness, we utilize VantageScore 4.0, which is provided by Equifax. This scoring model helps us assess the financial credibility of our applicants effectively.
Why might an applicant's credit score differ between Flexcar and other sources?
It's not uncommon to observe variations in credit scores when comparing different credit check sites or bureaus. Other credit check platforms, such as CreditKarma or myEquifax, may utilize alternative credit scoring models like VantageScore 3.0. Additionally, credit scores can differ between credit bureaus themselves. For instance, an Experian credit score may not align perfectly with Equifax's credit score. These differences arise due to variations in scoring models and data reporting methods.
How often does an applicant receive an updated credit score from Flexcar?
Starting from May 18, 2023, Flexcar automatically provides applicants with a refreshed credit score if it has been more than 28 days since their last score update. This periodic update ensures that the credit assessment reflects the most recent information available. However, if a customer specifically requests a refreshed score, they can reach out to our Customer Care team to initiate the process.
What if an applicant had their credit frozen?
If an applicant has previously frozen their credit, we kindly ask them to confirm that they have unfrozen it. Once their credit is unfrozen, they can proceed with the soft credit check process. If necessary, we will circle back with them to provide the next steps and guide them through the required actions. For assistance in this matter, they can reach out to our Customer Care team.
What if an applicant notices a discrepancy in their credit score from Flexcar compared to elsewhere?
In case an applicant believes there is a discrepancy or sees an outdated score provided by Flexcar, we recommend they reach out to our Customer Care team. This policy outlines the steps to request a Retry, which triggers a fresh credit score retrieval. However, once the new score is obtained, there is little further action that can be taken. Discrepancies between scores may arise due to variations in credit scoring models and reporting methods across credit bureaus. For additional inquiries, we suggest reaching out to Equifax for further clarification and insight.
What if an applicant continues to receive a "No Hit" result after a Retry?
Occasionally, despite initiating a Retry, applicants may still receive a "No Hit" result. This can occur for several reasons. First, it's essential to verify that the applicant has accurately entered their personal information, including their name, date of birth, and home address. Incorrect details can affect the soft credit check outcome. Additionally, in some cases, an applicant may have no credit history within the United States. If this is the case, no further action is required as it is simply an informational situation.