No, EQ Bank does not perform a hard credit check when you open an account.
When you apply to open an account with EQ Bank, they conduct a soft credit check as part of their online identity verification process. This type of inquiry is different from a hard credit check and has no impact on your personal credit score. Crucially, your credit score itself is not considered by EQ Bank when you are opening a new account.
Understanding Soft vs. Hard Credit Checks
It's important for consumers to understand the distinction between these two types of credit inquiries, as they carry different implications for your credit profile:
| Feature | Soft Credit Check | Hard Credit Check |
|---|---|---|
| Purpose | Identity verification, pre-approvals for offers, personal credit monitoring. | Applications for new credit (loans, credit cards, mortgages), certain utility services. |
| Impact on Score | No impact on your credit score. | May temporarily lower your credit score, especially if multiple are done in a short period. |
| Visibility | Typically visible only to you and the entity that pulled it; not usually seen by other lenders. | Visible to other lenders and remains on your credit report for up to two years. |
| Consent | Often done without explicit permission (e.g., when a lender pre-screens you for an offer). | Requires your explicit permission before being conducted. |
EQ Bank's use of a soft credit check solely for identity verification means that applying for an account with them will not negatively affect your credit standing. This approach allows individuals to access banking services without concerns about potential impacts on their credit score due to the application process.
For more detailed information regarding EQ Bank's processes, you can visit their official help section on their website: EQ Bank Common Questions.
