Credit Authorization

What You Authorize When You Submit a Request

By submitting a request, you agree that (a) your information may be shared with lenders and partners on your behalf, and (b) those lenders may obtain consumer reports about you from agencies such as TransUnion, Experian and Equifax to evaluate your creditworthiness.

A lender may use your consumer report to:

• confirm your identity and the details in your request
• review your credit history and the debts you already have
• decide whether to make you an offer, and set its amount, APR and term

The Fair Credit Reporting Act lets a lender get your consumer report only for a permissible purpose, and a credit request that you start yourself is one of them. Sending your request gives lenders in our network that permission in writing.

Soft and Hard Inquiries

Lenders check credit in one of two ways, and each one happens at a different step.

Soft inquiry

A soft inquiry lets a lender see whether you might qualify, often so it can show you an estimated rate. It appears on the copy of your report that you can see, but other lenders can't see it, and it does not affect your credit score.

Hard inquiry

A hard inquiry happens when a lender reviews your full report to decide on an application for credit, after you choose its offer and agree to apply. Other lenders can see it on your report, and it may lower your credit score slightly for a while.

Sending a request through LoansForChristmas only leads to soft inquiries, so it doesn't affect your credit score. A lender runs a hard inquiry only if you choose its offer and complete its full application. If you're not sure when that will happen, ask the lender before you apply.

The Credit Bureaus and Other Consumer Reporting Agencies

Lenders often get credit reports from one or more of the three nationwide credit bureaus: Experian, Equifax and TransUnion. Each bureau keeps its own file on you, and the files can differ, so a lender that uses one bureau may see something different from a lender that uses another.

Some lenders also use alternative or specialty consumer reporting agencies. These can hold information the nationwide bureaus may not have, such as your history with other kinds of loans or with bank accounts. The Fair Credit Reporting Act gives you the same rights to see and dispute the information these agencies hold.

How Inquiries Can Affect Your Credit Score

Sending a request has no effect on your score, because it only leads to soft inquiries. A hard inquiry, which happens only if you apply with a lender, may lower it by a small amount, and several hard inquiries close together can have a larger effect. Some scoring models count several inquiries for certain types of loans within a short period as one, but not every model does this for personal loans.

Inquiries usually count for less than your payment history. If you take out a loan, on-time payments can help your credit over time, while late or missed payments that the lender reports can hurt it.

How to Dispute an Error With a Credit Bureau

Under the Fair Credit Reporting Act, you can dispute information in your credit report that you believe is wrong or incomplete.

1. Get a copy of your report from each bureau. Federal law lets you request free reports through AnnualCreditReport.com.
2. Contact the bureau that lists the error, online or by mail. Explain what is wrong and include copies of any documents that support your dispute (keep the originals).
3. Tell the company that supplied the information, such as the lender, about the dispute as well.
4. The bureau generally has to investigate, send you the results, and correct or remove information that is wrong or can't be verified.

LoansForChristmas can't change what a bureau reports. If the error concerns a loan you received from a lender in our network, contact that lender too.

How Long the Authorization Lasts

Your authorization covers the request you send and each lender's review of it. A lender may rely on it to check your credit again while it finishes reviewing that request or processing an offer you accept. If you sign a loan agreement, the lender's own terms explain whether it will review your credit while the loan is open.

A new request at a later date comes with its own authorization.

How to Withdraw Your Authorization

You can withdraw your authorization at any time, and the withdrawal applies from then on. It doesn't undo a credit check that has already happened, and it doesn't cancel a loan you have already accepted.

To withdraw it, write to us at [email protected] or use our contact page, and include the email address you used on your request. We'll stop sharing that request and let the lenders and partners who already received it know. Each lender is a separate company, so contact any lender you've already heard from directly as well. Once you withdraw, lenders may no longer be able to review your request.

To opt out of the sale or sharing of your personal information, use Your Privacy Choices. Our Privacy Policy explains how we handle your data, and our Disclosures cover the rest of what you agree to when you send a request.