Why do I need to unfreeze my Credit Report?

We run both a soft and hard inquiry on your credit report

Credit Inquiries During Application

Application Pre-Approval

Once you submit your application for an Inclined line of Credit (iLOC), part of the pre-approval process of the application includes running a soft credit inquiry, completed by our team through Equifax.  This soft credit inquiry does not affect your credit score in any way.  However, if your Equifax credit report is frozen, we will not be able to run the inquiry and will need you to unfreeze the report.  

Account Opening

Upon formal approval of an Inclined Line of Credit (iLOC) application, you will be prompted to review the rate and terms of your iLOC and to sign an Inclined Line of Credit Agreement and an Insurance Carrier Collateral Assignment form. We will then formally open your iLOC account and run a hard credit inquiry, also through Equifax.  If your Equifax credit report is frozen, we will not be able to run the inquiry and will need you to unfreeze the report.  

The hard credit inquiry is a formality required by our lending partners. Please rest assured, this is an inquiry only, as Inclined Lines of Credit are not reported to any Credit Bureaus.

Additional Details

The time between the pre-approval soft credit inquiry and the account-opening hard credit inquiry will vary from application to application, so there may be a need to unlock your credit report twice during the application process, if not left unlocked.