What does it mean to create a “SHARE”?
In order to interact with someone else through this service, you first must go through an invitation process. This invitation process allows both parties to confirm they know and trust each other before sharing important information, such as a credit report. Successfully completing the invitation process creates a link between the two accounts, and each party is now a “SHARE” to the other.
What is a credit report?
A credit report is a snapshot of your experience with credit-related accounts. Aside from some basic personal information, like your name and address to help identify your report, there are three main types of information on your credit report:
- Public Records
Court-related information, including bankruptcies, state and county court records, tax liens, monetary judgments and, in some states, overdue child support payments.
- Credit Inquiries
Names of businesses or individuals that have obtained a copy of your credit report, including lenders, landlords, and employers.
Payment history on all your Real Estate, Installment, and Revolving Credit Accounts.
Will purchasing my credit report and/or showing my credit report to my SHARES hurt my credit score?
No. When you order or show your credit report and score to your SHARE choices, it does not affect your score because it is what we call a “soft inquiry.” Soft inquiries do not impact your credit score and do not appear on any credit reports viewed by other people.
Can I use this service for both personal and business use?
Yes. In fact, if you are a small or independent business, it is important to know your personal credit information, too.
Does asking my SHARE to see their report hurt their credit score?
No. When you ask a SHARE to see their credit report and score, they will need to agree to show it to you. Once they do, it will not affect their score because this type of action is what we call a “soft inquiry”. Soft inquiries do not impact your credit score and do not appear on any credit reports viewed by other people.