AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
In the UK a soft search, such as checking your own report, an identity check or an eligibility checker, is visible only to you and does not affect lenders' view of you. A hard search happens when you apply for credit, a pay-monthly phone or some utilities; lenders can see it, Experian says most stay on your report for 12 months, and several in a short period can make you look higher risk.
In the first year in the UK, newcomers apply for a lot of things at once: a bank account, a phone contract, broadband, perhaps a credit card. Some of those leave marks lenders can see; others do not. Knowing the difference lets you do what you need without making your thin file look worse.
Soft searches
Experian's guide to searches and credit checks says soft searches are visible only to you on your report. Companies cannot see them, so they do not affect your score or future applications, however many there are. Experian lists:
- checking your own credit report or score;
- identity checks run by a company;
- eligibility checks for credit cards and personal loans.
Equifax's guide on hard and soft searches agrees: soft searches made for comparison or eligibility are unlikely to affect your score. It adds that third parties cannot run a hard search on you without your permission.
Hard searches
A hard search is recorded when you actually apply. Experian lists applying for a loan, credit card or mortgage, applying to a utility company and applying for a pay-monthly mobile contract. Lenders can see hard searches, and each may lower your score.
| Soft search | Hard search | |
|---|---|---|
| Who sees it | Only you | You and lenders |
| Typical trigger | Checking your report, identity checks, eligibility checkers | Applying for credit, a phone contract or some utilities |
| Effect | None on lenders' view | Each may lower your score; many together look risky |
| How long it shows | On your own view of the report | Experian: most stay for 12 months |
Experian says too many hard searches in a short time can affect your score for six months and may be a reason for refusal. You cannot remove a hard search that came from your own application. One you do not recognise may be a sign of fraud and is worth querying with the company named.
What this means for a newcomer
A thin file makes each hard search count for more, because there is little else on the report to balance it. Some practical rules follow:
- Use eligibility checkers first. They are soft searches and show your likelihood of acceptance before you apply.
- Apply for one thing at a time. Experian's rule of thumb is no more than two or three applications every few months, though lenders differ; its improve-your-score guide suggests no more than one every three months.
- After a refusal, wait. Equifax's guide for people moving to the UK says each refusal is recorded and suggests leaving three to six months before the next application.
- Know what triggers a credit check. Barclays says its Barclays Bank Account application includes a 'quick credit check'. Phone contracts and broadband can also involve checks; see phone contracts with no UK history.
Worked example
Example only. Chidi arrives in September. In week two he applies for a current account, a pay-monthly phone, broadband and two credit cards. That could put four or five hard searches on a file with almost nothing else on it. A better order: open the current account, take a SIM-only or prepaid plan for a few months, register to vote, use an eligibility checker, then apply for one credit card around three months later. Our guide to a first UK credit card covers which products newcomers tend to start with.
What to check first
- Read your own reports from all three agencies to see which hard searches are already there and when they will drop off; see which agency lenders use.
- Before you apply, ask whether the step you are taking is an eligibility check or a full application. The screen usually says so, and if it does not, ask.
- If you were refused recently, count the months before you try again rather than applying elsewhere the same week.
- Look for any search you do not recognise. A search from a lender you never approached is worth raising with that lender and the agency.
- Keep a simple list of what you applied for and when. It makes sense of your report later.
Who can search your file
Experian says banks, credit providers, utilities, letting agencies, landlords and mobile phone companies may run credit checks with a legitimate reason, and do not always need your consent. Employers may run checks but will not see your full report. A landlord's referencing check is therefore not unusual; ask the agent which type of search it is.
Where Pryme fits
Opening a Pryme account involves Pryme's own identity checks, set out on how it works. For your naira life, Loans on Spaces in Nigeria are offered by a licensed Nigerian microfinance bank and shown in full for you to accept; they sit outside your UK file. See building a UK score from zero for the UK side.
Questions people ask
Does checking my own credit score lower it?
No. Experian says checking your own report is a soft search that only you can see, and it does not affect your score.
How long does a hard search stay on my credit file?
Experian says most hard searches stay on your report for 12 months, and many in a short period can affect your score for six months.
Is an eligibility checker a hard or soft search?
Soft. Experian lists its eligibility checks for credit cards and loans as soft searches, which lenders cannot see.
Does opening a bank account do a hard credit check?
Some do a credit check: Barclays says its Barclays Bank Account application includes a quick credit check. Ask the bank which type of search it runs.
Sources
- Experian: Searches and credit checks · accessed Oct 2026
- Equifax UK: Hard vs soft credit searches (1 Mar 2022) · accessed Oct 2026
- Equifax UK: Your credit score when you move to the UK (1 Apr 2022) · accessed Oct 2026
- Experian: How to improve your credit score · accessed Oct 2026
- Barclays: Barclays Bank Account · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.