George, George, Almost all insurance agents are pulling credit report to offer car insurance. If you dont want them to pull it you have to tell them. But this is only true for a quote. I first started with Allstate. They did not pull it for the quote. However, they pulled it after I left the office and signed the policy. I have State Farms now and they did not pull a report at all. But, in the process of shopping for insurance, I ran up 5 inquiries while pricing. It really doesnot matter if we consider it "credit" or not. They have developed the policy of checking credit reports before offering insurance. Especially if you ask for a quote online. Also George, stop posting in CAPS. You are shouting if you didnot know. Roni. GEORGE wrote: ------------------------------- SORRY, I HAVE FARMERS INSURANCE GROUP...PAYMENT FOR 6 MONTHS DUE FEB 22...COVERAGE STARTS FEB 22, SO I HAVE NO CREDIT ARANGEMENT. SO THEY ARE NOT A CREDITOR.
RE: State Farm doesn't check c I have state farm. I was delighted that they did not pull my credit. Roni,
legislative intent The SS# is a key piece of information that allows consumer credit reporting to occur. This is common sense. As to the legislative intent as to consumer credit reporting, I am pasting the "Congressional statement of purpose" which precedes the Fair Credit Reporting Act. § 1681. Congressional findings and statement of purpose (a) Accuracy and fairness of credit reporting. The Congress makes the following findings: (1) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system. (2) An elaborate mechanism has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers. (3) Consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers. (4) There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumer's right to privacy.
RE: Called Geico For A Quote a Insurance application is a permissable purpose for an inquiry. As with the banks, you don't need to give your SS# but you won't get a policy. Such is life in America...no privacy!
RE: FICO and insurance My score sucks and I wasnot denied. anywhere. just a outrageously high quote. ShyGuy wrote: ------------------------------- Some insurance companies are starting to deny people on the basis of their FICO scores. More on this can be found on the Bayhouse board at: http://www.bayhouse.com/discus/messages/4/794.html?973230384
Credit report not for crdit George, Many companies check your credit report not for credit, but for a profile of what kind of person you are. For example, a potential employer may pull an inqiury to see if you have any public liens, public records, or BK's; My financial advisory company pulled a report when I applied for disablity insurance to see if I am "honest" and will not file a false claim to screw them; rental agreements has been mentioned; my cell phone company pulled an iniquiry when I applied, I know that AT&T pulled one when I first got long-distance with them. The point is that credit reports are not limited to credit cards, mortgages, or car loans----many companies will use them to see what kind of a peson your are--responsible or irresponsible. The credit report is a reflection of your integrity and honesty in dealing with others.
RE: Credit report not for crdi Non credit related inquires hurt people so they may not get what they deserve in a credit line or interest rate.
RE: Called Geico For A Quote a Actually, this has little to do with applying for credit. As we all know, the insurance companies own our federal, state, and local governments and courts. Therefore, they can legally discriminate against any person or groups of people they want. Any other companies or individuals who practice even a smidgen of what the insurance companies get away with would find themselves in flagrant violation of the Constitution and others' civil rights. That's another soap box, but insurance companies base your rates on your gender, ethnicity (usually generalized by zip codes), age, financial state, and MANY more unethical factors. Supposedly, such characteristics determine the kind of driver and insurance risk you are. Recently, I watched on television one of our genius Texas governor's appointees to the state Insurance Commission tell news viewers that policyholders with higher credit ratings are better drivers than those with bad credit. The buckteethed dumbass claimed that there is a "meaningful" correlation between the responsibilities involved in driving habits and credit habits. Therefore, according to this boogers-for-brains, those with bad credit deserve to pay more for auto insurance. Hence, the credit check for auto insurance. Avoid those insurance companies that check credit like the plague! You'll be screwed in enough ways by those who don't.
RE: legislative intent I really do appreciate your citations and quotations. For me, this is quite an education. You obviously enjoy legal research. I note, however, that deriving permission to use SS numbers from this passage is merely an inference. Name, address, and date of birth are sufficient to uniquely identify any individual. This is not only common sense, but true as well. The only advantage to using SS numbers is that they are issued by the government and therefore difficult to change for the same individual. It is hostility to change and mobility--in other words, to liberty--that causes credit reporting agencies to usurp powers that properly belong only to an elected, limited, constitutional government.
RE: Outrageously high quote? Try being 18 or 19 and getting insurance? Add a brand new car on top of that? The insurance company never pulled a credit report, but based my quote of course solely on my age. I always wished that, with my clean driving record, they would base the quote off of my credit. At least I wouldn't be paying thousands a year...
RE: Outrageously high quote? Did they quote you $8k/ year. or $12K. And no my credit couldnot have been that bad.
