Upwise utilizes a soft credit check (which we call "Financial Snapshot") to gather information on your current debts. This includes details such as outstanding loans, credit card balances, and other financial obligations that have been reported to a credit agency. By understanding your debt situation, we can more accurately determine the amount of life insurance coverage that may be appropriate for your specific needs.

A soft credit check, also known as a soft inquiry or soft pull, is a method used by financial institutions to assess an individual's creditworthiness without impacting their credit score. Unlike a hard credit check, which requires explicit permission and can affect your credit score, a soft credit check simply provides a snapshot of your credit profile without leaving a mark on your credit history.

It's important to note that we do not ever utilize your Social Security Number (SSN) for this process. Instead, we rely on basic personal information such as your name, date of birth, and address to securely access your credit information. This approach ensures both privacy and data security while still enabling us to provide personalized recommendations for life insurance coverage.

Updated November 04, 2024 02:37