I could just pull my hair out. I ** finally ** (after six months of disputing) got our mortgage updated to a positive status - open/never late - after having a 90 day late and a few 30 days late on EXP. (We bought our house in 1998). So, you'd think that an excellent track record on a mortgage would account for something - right? WRONG. I gained a measly 6 points. Yep, that's right... no typo there - 6 - count 'em - six points. Then Progressive Insurance pulls an inquiry for our new policy - and I lose 3 of my newly earned 6 points. The whole scoring system thing sucks. I HATE IT!!!
Breeze, it's upto the lender which inquiries they will count towards your score. 99.9% of lenders will not count insurance inquiries towards the score they see. TU, EXP, and EQ scores are all raw scores and are NOT what lenders or others see who use credit scores. They used customized scores based on what they feel is important. So in most cases in the real world, insurance inquiries will not affect your score for the lender.
I have been denied credit before because of having 1 recent inquiry, and it was an insurance inquiry.
Re: Who uses it? The whole scoring system thing sucks. I HATE IT!!! girliegirl Then fight it by not doing business with the CRAs clients! ! P.S. SCORING is a RACKET not a system!
Re: Who uses it? It was definitely the inquiry that made my score go down three points. It's not fair!!! girliegirl | ================ It's not fair!!! Scoring wasn't meant to be fair it was designed to be profitable!
not necessarily...I am an insurance broker & I've been doing inquiries into this...most of the time agents will use a vender (Choicepoint) and in contacting them they said it does not go down as an "inquiry"...however, Progressive Insurance Cos. runs them and it goes down as an inquiry (i believe they report to Experian...) I am also finding out that this is a new thing for insurers and so they are going back & forth with ideas (that means the rules will change constantly, the vendors, etc.) hope this helps... Kris
I have two inquiries from Choicepoint on my Experian report, both from dealing with State Farm. They don't seem to have any special notation about being insurance related. But maybe Experian doesn't show you that. I also have two Progressive inquiries that look exactly the same.
