Does anyone know if GEICO uses credit reports to decide how much to charge you on insurance? I have had them for years, and each time I shop around, GEICO comes back the lowest. But, they are inching up each time I get a bill. I was just wondering if it had to do with my scores (654 -728). Also, I have heard rumors that some insurers will approve you, only to change their mind a few weeks later when they have had more time to check you out. Is there any truth to this? I would hate to have this happen.
Yes, usually the "checking you out" part is when they get the results from your motor vehicle report - you could possibly still get cancelled in the first 30-60 days you start coverage with them. There are other reasons, too - like if you have an accident or something within that timeframe, they may change their mind. Of course, even if it is outside of that timeframe, you could be sent a non-renewal notice. We have Geico for some motorcycle insurance, but I don't see any inquiries on our reports... BUT the best way to find out is to ASK.
I tried that web site. They only had one company willing to give me a quote, and they wanted to pull a credit report. I had never heard of the company (Electric Insurance Company) so I declined.
DON'T YOU DRIVE BY YOUR CREDIT REPORT??? Don't forget, if you have BAD credit and NEVER HAD AN ACCIDENT, NEVER HAD A TICKET, NEVER HAD A CLAIM...you better start NOW, because your credit says you MUST!!!
Sorry, I had seven responses with a price differenct range of $700 per year from high to low... But I did allow of the credit report inquiry... It's logged as insurance so it does not count in FICO scores..
***Experian 579, Equifax 532, Transunion - 517. Yuk.*** ------------------------------------------------------------------------------- Even if you don't have any tickets, no accidents, no claims, you will get SHAFTED on your rates, because of F.I.C.O.!!!
I was turned down for a loan once because of a recent inquiry. The inquiry was from Geico for an insurance quote. So yes, insurance inquiries do count against you.
DISPUTE IT!!! That is NOT your insurance company, and they have NO BUSINESS pulling a "HARD"... ...and you were NOT applying for credit from them anyway...
Actually, I won't since I am insured with the company I work for - they didn't order my reports - and they pay 20% of my premium for me : )
If you live in NY, all insurance companies will pull your report. They are allowed to do it, so they do.
