Personal Finance

EQ Bank - Soft Credit Check?

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  • Mar 20th, 2017 12:12 pm
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Apr 1, 2001
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EQ Bank - Soft Credit Check?

When one opens an account with EQ bank, they told me that they do a soft credit check, not a hard credit check.

This is different from most banks that I am aware of online, where they do a hard credit check when you open an account online.

Can anyone confirm that EQ Bank does indeed do a "soft" credit check and not a "hard" one?
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Dec 17, 2008
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EQ did a soft check when I opened the account online in January 2016.

They decided to do a hard check on me in August 2016 without my consent... I noticed in November 2016 and I complained to a supervisor, withdrew the money from accounts and eventually closed my accounts after I noticed 6 weeks later the hard inquiry was removed and the situation was resolved. I didn't want it accidentally happening again so I closed my accounts. I am guessing they meant to do another soft inquiry but did a hard one and they must have contacted Transunion to remove it.

Long story short... Should be a soft inquiry on Transunion.
Last edited by Shawguy on Mar 20th, 2017 11:19 am, edited 1 time in total.
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Mar 8, 2013
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Shawguy wrote:
Mar 20th, 2017 11:19 am
EQ did a soft check when I opened the account online in January 2016.

They decided to do a hard check on me in August 2016 without my consent... I noticed in November 2016 and I complained to a supervisor and closed my accounts.... However I noticed 6 weeks later the hard inquiry was removed so I am guessing they meant to do another soft inquiry but did a hard one and they must have contacted Transunion to remove it.

Long story short... Should be a soft inquiry on Transunion.
Not that I understand the significance of soft vs hard, but I interpret this to mean that EQ made a mistake and corrected it on your credit file, even though in the meantime your closed your account. If that interpretation is correct, good on EQ.
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akaManny wrote:
Mar 20th, 2017 11:39 am
Not that I understand the significance of soft vs hard, but I interpret this to mean that EQ made a mistake and corrected it on your credit file, even though in the meantime your closed your account. If that interpretation is correct, good on EQ.
Your interpretation was correct... However in my quick posting, I made a mistake in my story. (I have since edited my original post) I noticed on November the error, they told me after they realized what had happened it would take 4 to 6 weeks to correct with Transunion. I waited that period but I withdrew my money from EQ so I had a $0 balance on my account... Once I noticed the correction on the Transunion I then then closed my accounts as I had already found another bank.
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