Frequently Asked Questions
Horizon Digital Finance (HDF) and its affiliate partner sites obtain a soft Inquiry that does not impact your credit score. As marketplace lending sites, when you submit an Offer Form and request loan offers from our Lenders and or Credit Sources, these Lenders and or Credit Sources may obtain your credit file as a "Soft" or "Hard" Inquiry.
However, multiple credit Inquiries for an auto loan do not hurt your credit score any more than if one (1) inquiry were obtained. Multiple credit bureau inquiries on your credit report related to auto finance or auto refinance are known as "Inquiry Clusters" if they occur within a 14 to 30 day period of time. Inquiry Clusters impact your score as if one (1) inquiry were pulled. When we process your loan offer form there may be multiple hard inquiries from these lenders.
As an example, the first hard credit inquiry may drop your credit score 15 points, subsequent hard credit inquiries will have no effect on your credit score. These inquiries qualify as "Inquiry Clusters". When you accept and close an offer presented by one of our lenders your credit score should increase as you make timely installment payments.