Re: Re: Hard inquiry for auto insurance ? =============== YEP: The same correlation that there is between mating a gorilla with a hamster.
Re: Re: Re: Hard inquiry for auto insurance ? Meet one of them I collected insurance twice on an old truck of mine and never got it fixed either time. The END ************************* LB 59
Re: Re: Hard inquiry for auto insurance ? George, My father has been driving for nearly 40 years. NEVER had a ticket/citation. Was rear-ended once. But, his credit is not good - will a 40 year spotless driving record make an insurance company money? No. Will his below avg. credit? Absolutely. So, my father has to pay higher premiums because his credit sucks - but has never filed a claim, or broken the law. NUTZO! This way they can screw twice as many people now. Bad credit? Bad driver? I live in a state where insurance is mandatory and people do not make claims for the simple fact that using something you are paying for will eventually cost you more. Imagine this backwards system crossing industries... Nickpaige at the movie theater: "No, I'll pay you $9 and make the movie myself..." Nickpaige at the pizza joint: "Here's your $15, I'll stand here and slop together my own pie with extra cheese...I even brought my own ingrediants"
Re: Re: Re: Hard inquiry for auto insurance ? Nick:Good description of the legalized fraud termed FICO
Re: Re: Re: Hard inquiry for auto insurance ? 1*Actually. There is a flip side to this as well. 2*Many companies DO reward for good credit scores with various discounts and lower premiums. 3**So while many here (included myself) will get penalized because of lower credit scores, 4*those of you with higher scores would therefore see lower rates. Touchdown =================== 1*It's a myth not a flip side. 2*It's not a reward-It's taking from Peter to give to Paul. 3*Not correct. The point is these are the folks who are subsidizing the high scorers. 4*At the expense of the low scorers. The END ************************* LB 59
Re: Re: Re: Hard inquiry for auto insurance ? << 1*One of the things that has hurt the insurance industry on this issue is the refusal to document their case. 2*I'd love to hear how that erroneous tradeline was more significant than 40 years of driving history in assessing risk of either future claims or defaults. IndyGreg ========== 1*They can't do this because there is no proof. It's sorta like a CA that can't validate except you can sue the CA where you can't the insurer. 2*This is why credit scoring should be outlawed.Fico is bad enough with credit and even worse in an unrealated feild like insurance The END ************************* LB 59 >>
Re: Re: Re: Hard inquiry for auto insurance ? Where are we going here? Next, observer ============Pulling credit reports before you're allowed on a plane. The END ************************* LB 59
Re: Re: Re: Hard inquiry for auto insurance ? I find the argument made by the insurnace companies that credit is the best predictor of risk to be highly suspect, IndyGreg | =============== Just like it is for credit only worse!!!! The END ************************* LB 59
Re: Re: Re: Hard inquiry for auto insurance ? Great points Greg. I'm going to print your response and show it too many of my colleagues who believe the "company line" that credit is a great predictor of future loss. Touchdown =================== I've been around enough to know that agents are as much or more in the dark about insurance companies shenanigans than is the consumer.
Re: Re: Re: Hard inquiry for auto insurance ? Poking around the TX legislative site...there is a bill going onto effect 9/1/03 that says credit score CANNOT be used in the underwriting of insurance. TX has had a BIG prob with this. If you want, I will post the bill that says this.
Re: Re: Re: Hard inquiry for auto insurance ? If everyones score remains the same during the next year will claims increase decrease or stay the same? The END ************************* LB 59
