I am in the market for new insurance and to my surprise my insurance company pulls credit. I asked the agent if it would affect my credit score and he stated that it would not. I checked my credit report and I noticed the inquiries on my report and that they would remain there for 2 yrs. although, it does have a reference to insurance underwriting purposes. Will these insurance inquiries lower my fico scores? Thanks.
I asked the agent if it would affect my credit score and he stated that it would not. ARE THEY WILLING TO PAY $1,000 FOR THAT ANSWER IF IT IS WRONG??? GET IT IN WRITING!!! MUST BE AN "AU" OR "PRM" TO HAVE NO AFFECT!!!!!!!
I did not get it writing beforehand. It really ticked me off because I had just gotten about 5 inquiries removed off my credit report recently. Now I have 4 new inquiries from insurance credit checks. What do you folks think, I should do about the new inquiries? Any advice would be appreciated. Thanks.
Re: Re: Does FICO Drop w/ Insurance checks? I'm gonna' DISPUTE till they remove it!!! TRANS UNION~~FARMERS INSURANCE "I APPLIED FOR NO CREDIT OR LOAN FROM FARMERS INSURANCE" I pay the bill in FULL before coverage starts!!!
Re: Re: Does FICO Drop w/ Insurance checks? HOW COULD A "HARD" FOR A LOAN OR CREDIT CARD BE SCORED DIFFERENT THAN A "HARD" FOR INSURANCE??? A "HARD" IS A "HARD"
Re: Re: Does FICO Drop w/ Insurance checks? I had the one of the insurance companies send a letter to the Bureaus to remove inquiry and I had them fax me a copy as well. I will call the other insurance co. next week about getting letter for deletion. I will probably contact Bureau about getting deletion via phone next weel as well and keep calling once a month or so until I can get CSR, who will dispute the inquiries. I just got about 11 inquiries deleted this week and waiting on about 7 more to removed this month. So, if I can get rid of these 4 new ones I will have only about 1-2 inquiries per report.
Re: Re: Does FICO Drop w/ Insurance checks? I TURNED IN FARMERS INSURANCE FOR DOING A "HARD" TO THE CO INSURANCE COMISSION AND THE CRA (TRANS UNION)...NO PP...FOR ALL THE GOOD IT WILL DO...
Re: Re: Does FICO Drop w/ Insurance checks? TU was the one that I saw with the inquiries as well. They must be the main company providing insurance scores. How did your disputes with TU work out for you? What do you do now, when you shop around for lower insurance prices and they want to check pull your credit?
Re: Re: Re: Does FICO Drop w/ Insurance checks? I'm a CASH CUSTOMER...I am NOT a CREDIT CUSTOMER...I will pay in full BEFORE COVERAGE STARTS~~SO NO INQUIRY!!! NO INSURANCE COMPANY CAN "SEE" HOW YOU DRIVE BY YOUR CREDIT REPORT!!!!!!!!!
Re: Re: Re: Does FICO Drop w/ Insurance checks? So that works for you. I feel in time, that most large insurance companies and eventually all of them will probably require insurance scores as way to raise rates and increase their profits. What would be your plan of action if you found an insurance company with much lower rates and they had a credit check requirement in order to qualify for insurance?
Re: Re: Re: Does FICO Drop w/ Insurance checks? yes, yes, and yes. YES- they count against your fico, my number one reason code is now 'excessive inquiries' because of just this YES- the insurance agents lie to you about this or they are simply misinformed YES- "inquiries are a matter of record." you get stuck in the frivolous file with me when you (ledgitimately) dispute them too many times Allstate was THE WORST. Those jokers pulled my TU report twice, 8 days apart and I made damn sure to tell them that I didn't want anything to do with their insurance if it involved any credit pull. I found a couple local agents that I called who were honest and got me quotes without credit pulls, but most all of the big companies wanted to hit me with the hard inquiry, and several did. I learned my lesson.
Re: Re: Re: Does FICO Drop w/ Insurance checks? NO CLAIMS, EVER NO ACCIDENTS, EVER ONE TICKET 7+ MPH (1983) "PERFECT" CREDIT...BUT I JUST DON'T WANT THEM LOOKING AT MY CREDIT REPORT TO "SEE" HOW I DRIVE!!!!! WHAT DOES THE DMV HAVE DRIVING RECORDS FOR IF THEY (INSURANCE COMPANIES) NEED A CREDIT REPORT...THEN THEY BETTER NOT DO DRIVING RECORDS ANYMORE!!!
Re: Re: Re: Does FICO Drop w/ Insurance checks? I agree. I've not had one claim filed against my own insurance since the day I started driving many years ago. If that isn't proof enough for *your* business that I'm a pretty low insurance risk, I take *my* business to your competitor. And I did. I have AIG now through my employer. They needed my driving record and nothing more.
Re: Re: Re: Does FICO Drop w/ Insurance checks? IT MIGHT PAY TO GET THE SECOND COMPANY FIRST (before you let the first one expire)...check the BIG 3 to see if they pulled a "HARD"...IF THEY DID---->"SORRY BECAUSE YOU DID DAMAGE TO MY CREDIT REPORT...I NEED TO CANCEL"
Re: Re: Re: Does FICO Drop w/ Insurance checks? George, I agree that insurance companies only need to use your driving record and claim history to determine risk. But the CB have used their influence on insurance companies, that these insurance credit scores will be a way for the insurance companies to lower their risk and increase their profits. So the CB make more money and the insurance co increase their profits by putting good drivers with bad credit into higher risk categories. They basically say that, someone with lower credit score will be more accident prone. We all know that a computer program will basically say whatever the programmer wants it to say in the end.
Re: Re: Re: Re: Does FICO Drop w/ Insurance checks? AIG put a nice big HARD on my TU from one of those insurance comparison websites (quote was 2.5x what I'm paying Allstate). Thanks guys...you guaranteed you'll NEVER see my business.
Re: Re: Re: Re: Does FICO Drop w/ Insurance checks? KEEP WHAT YOU HAVE...till you are POSITIVE that they WON'T pull...(OR DIDN'T PULL) "I must have no credit report pulled or you WON'T get my business...100% GUARANTEED"
Re: Re: Re: Re: Does FICO Drop w/ Insurance checks? What do you do now, when you shop around for lower insurance prices and they want to check pull your credit? ======================= Don't buy from those who pull credit. THE END ** *** ** LB 59 """""""""```~~~```'""""""""" Next Time --------- One rainy evening, my husband, John, and I emerged from a restaurant only to find that he had locked the keys in the car. He insisted he could open the door with a wire coat hanger, so we went back to the restaurant to get one. There were none to be found. John then ran to a department store a quarter-mile away and returned with a hanger. After a few attempts, he got the door open and we climbed in. As we sat there, soaked and cold, he stuck the hanger under his seat. With a smug grin, he said, "Now if this ever happens again, I'll have one." THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
