Called an Auto Insurance co. the other day to get a quote and see if I could do better than my current highway robbery homeowners policy (100% increase this year due to "mold" issues" in our state. But anyway, that's another issue. The issue is: I specifically asked this character if they were going to pull my credit and he said they do an "insurance profile", not an inquiry. Well, lo and behold the next day I had and inquiry on my credit report. What can I do about this, other than complain? I didn't do anything other than call them and give them details on my current policy limits, and I definately did not give them permission to pull credit. Any suggestions are well appreciated.
Insurance profile=insurance score=credit inquiry. The guy misled you. Most homeowner's companies cannot give a quote without pulling credit - their quote software won't allow it. If you're going to shop, be prepared to take some hits. If you're in one of the "black mold" areas, it's a real dilemma. Several companies are pulling out of your state and non-renewing existing policies.
do you live in Texas by chance? I have been having a ton of grief with my Insurance since Farmers started pulling Credit Reports in May of '2000 . I was in the midrange co, and expected to be moved back into highly rated co in Spring 2000 since I had perfect driving record at that time for 3.75 years, with no tickets or accidents. ( minor fender bender in Dec 97) Instead, they bumped me to high cost $$$ company and now my insurance costs 45% more, all driven, according to my agent, I am in high cost company because of score: CReport shows 7 entries related to '96 Chapter13BK, discharged Dec2000. *****now why that didn't seem to bother them in betweeen '96 and the time that they starting pulling reports in '2000 doesn't make any sense to me. Farmers uses TransUnion. I called Progressive and asked them to only give me a quote, not to pull an inquiry, and I wound up with a hard inquiry instead. so, needless to say, I haven't been shopping around. if any one has any suggestions on how to possibly get any kind of better deal by shopping around, and not incurring XXX number of hard inquiries, i would dearly appreciate the advice. I have my auto, and auto for 20 year old daughter on my insurance. TxMS
For some STUPID REASON they THINK they can "SEE" how you drive or take care of your house by your credit report...
I sympathize with those who are having insurance problems and are trying to "shop around",HOWEVER! The purpose of the credit reporting system is to have a way for those who are selling something, whether it is a credit card service,home loan,car loan, OR INSURANCE to evaluate the risk to their business.You can't have a credit reporting system that allows someone to say,in effect, "I will decide for YOUR business if you need to know my credit background or not".
If you NEVER had a claim or accident or ticket in 20+ years, how can a "BAD" credit report make you have accidents or claims or tickets???
This is it: § 604. Permissible purposes of consumer reports [15 U.S.C. § 1681b] (a) In general. Subject to subsection (c), any consumer reporting agency may furnish a consumer report under the following circumstances and no other: (3) To a person which it has reason to believe (C) intends to use the information in connection with the underwriting of insurance involving the consumer I guess this means if you're credit is less than perfect, you're also at risk of having your house burned down/burglarized, auto accident/theft, and therefore should be chared outrageous insurance rates.
...THAT'S FINE IN THEORY...but what happens with the PROOF from the consumer who has NEVER had a claim or accident or ticket????????????
Hi There.... You are very incorrect. Insurance inquiries (which almost ALL insurers now do) are not HARD inquiries. They actually do not affect your score at all and if they are coded as hard then it is the mistake of the CRA not the insurance agency and you should dispute it with the CRA. I am an insurance agent and can tell you the insurance inquiries do NOT affect your score. On most credit reports they'd be listed as "Insurance Co. PERMISSABLE PURPOSE = Insurance Underwriting" and do not affect your score.
I don't know who would run it...but I wish a survey could be "RUN" to DIS-PROVE the insurance companies contentions!!!!!!!!!!!!!!!
I have one on my TU report from Amex, and it says "PERMISSIBLE PURPOSE = Insurance Underwriting", and it IS DEFINITELY counted as a hard inquiry. btw - I have never received an insurance quote from Amex, and I am now trying to get the inquiry removed.
NO, that is hogwash. Get yourself a couple of insurance inquiries and watch your score go down. Then in the following months when you see your report summary, the insurance inquiry is included in the inquiry count. This falls into the same category as the cop who gives you a ticket and says it won't affect your driving record.
I got one too. It was from simply poking around on their website. My score dropped 7 points - I already had too many inquiries. They refused to take it off.
One way to cut down on inquiries and still get on line info is to use your own zip code ONLY, and stuff like age marital status gender, if you give fake info on name address etc. you will still get accurate quotes with no chance of inquiry. By the way, I don't see anyone here screaming about the unfairness of rating single people and males as higher risks then married and female!! Interestingly enough, the underwriting statistics that relate to credit worthiness in auto and homeowners insurance also apply to life and health insurance.
schweb DUDE YOU ARE WRONG. I applied and switched to Progressive for auto insurance in the fist quarter of this year. The request is listed on my Experian credit report under "Requests Viewed By Others". "PROGRESSIVE INSURANCE address: 1124 S I H 35 AUSTIN TX 78704 Comments: Insurance underwriting. This inquiry is scheduled to continue on record until xx-xxxx."
You are incorrect. While you can get a quote using fake information...more than likely it will not be at all accurate. Credit is a HUGE rating factor now and I've seen it affect people's rates by hundreds of dollars.
I can post this - to get a quote without having credit pulled, use a different name, wierd spelling, refuse to give SSN, change your DOB. Their software will try to pull but will get "no hit" for an answer. DO give the right zip code and right age and sex, auto and house info should be correct, In some states this may cause you to be dropped to the lowest tier (highest rates) with some companies, but not with all of them. Getting the policy issued will require your correct information, but at least you'll only get one inquiry.
