Eureka Leasing What searches does Eureka use when I apply?

What searches does Eureka use when I apply for a car lease?


When you apply for any type of credit, whether it be a car lease, loan, credit card or mortgage, the creditor runs a search on your credit file to help them assess your financial status and lending risk.

During a credit check, lenders look at your history of debt payments, your current debt level and your financial relationships, among other things. The type of search run by the company can impact your credit score. Some lenders offer a 'soft search' facility or a quotation search to prevent leaving a footprint on your file, while others run a 'hard search'.


“Numerous hard searches in your credit report over a short period of time can damage your credit rating.”

What is a soft credit search?

A soft search is a preliminary credit check that lenders perform to give an indication of how likely they are to accept your application. They only see a snapshot of your information, rather than your entire credit report. Although they still appear in your file, soft searches are not visible to lenders or third parties. Soft searches are useful, especially if you are trying to improve your credit rating, as they do not harm your credit score.

 

What is a hard credit search?

When a lender takes a full look at your credit file, they perform a hard search. This leaves a footprint in your record, showing the credit applications you have made in the last 12 months. Hard searches are then visible to other lenders who later search your file and can cause your application to be rejected. Numerous and frequent applications for credit in a brief period may cause red flags, as a sudden need for credit might suggest a financial problem.


“Eureka’s online application form runs a soft search on your credit report to prevent any damage to your credit rating.”

What searches does Eureka use when I apply for a car lease?

If you have a poor credit rating, you are probably keen to repair it. That’s why we offer an easy online application form which runs a soft search on your credit file. This search is only visible to you third parties and lenders will not see it and it does not affect your credit score.

 

At Eureka, we help people with poor credit to get on the road in a brand new lease car.

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