When you make an application for credit, lenders will ask you for some personal information to verify your eligibility and confirm your identity.
Once they have the required information, the lender will perform a full credit search. This is known as a ‘Hard Search’ and will be visible to any lenders that review an application for credit.
Even with pre-approval, lenders will still need to do the following:
Fraud and ID checks: to make sure you are who you say you are
Checking the details of your application: to make sure the info you provided is accurate
Responsible lending checks: to make sure that lending to you is responsible and you can afford your repayments
If you have a Notice of Correction or a CIFAS Protective Registration marker on your credit report it can delay the lenders decision as they will be required to review this information before making a decision about your application.
Once the lender has received the results from your credit search, they will let you know whether your application has been successful. Often this is an instant decision, however, in some cases they may need further time to review your application and can often ask for further documentation.