I was shopping around for some betterauto insurance , and i called Electric Insurance, out of Massachusets. I gave her specific instructions that she did NOT have PP to pull a credit inquiry, (after all this clean up i know better)!! She insisted that they pull a soft.. So i told her to go ahead and pull the credit inquiry, however if she pulled it and I saw that the inquiry was a "Hard Inquiry". that they were going to be sued for 1000 for a non PP pull. to which she said. Ok BYE.. wonder what is gonna happen next.
I don't think you'll have much of a case in my opinion. Your word against theirs and they will just say you gave them full permission to pull a credit report by giving them your personal information. I believe what you are saying but that is going to be awful hard to prove in court. Tac
Oh they didnt pull anything because i would not give them my SSN. but that was just a heads up , that these companies have their heads up their A@@#$ , they say that in their "training" they are told that inquiries do not affect credit score. !!
I still don't get this issue. Why the obsession with credit inquiries? So maybe some of you guys that check your credit every day can see a 5 point drop when an inquiry is made. It's still not worth the fuss. Credit is a tool. You want your credit to be good, but it's really only important that it's good when you need to use it. Credit repair is just keeping the tool sharp, so to speak. If you want a better rate on your insurance and you want to shop around for it, that's the time to use the tool. It's not reasonable to expect an insurance agent to give you a quote if they can't have the information they need to get it. If you take a freshly sharpened hoe and use it in your garden all day, it's not going to be as sharp at the end of the day. That's okay, that's what the hoe is for. Think about it from the insurance agents point of view. You call her because you want her help. While she's trying to help you, you're interogating her with questions she probably doesn't understand. (would an insurance agent know the difference between a hard and soft inquiry? I bet most of them don't) Then before the conversation is over, you've threatened to sue her. Maybe she hung up because she was ashamed to let you hear her cry. I've seen people in the office break down for less. The thing about insurance agents is that they are really small business owners. They may belong to a national company with a big name, but they work for themselves. The agency is a purchased franchise. If you sue an insurance company because they don't pay a claim, you sue the big company with deep pockets. If you sue an insurance agency because the girl who answerd the phone didn't know the difference between a hard or a soft inquiry, you're suing the owner of a small business. If you were to win that $1000, it would come straight out of the owners pocket.
It's not reasonable to expect an insurance agent to give you a quote if they can't have the information they need to get it. THEY HAVE ACCESS TO ALL THEY NEED ON THE DRIVERS LICENSE REPORT!!!!!!!! ACCIDENTS~~0 TICKETS~~0 INSURANCE DATA BASE CLAIMS~~0 YOU CAN NOT "SEE" HOW A PERSON DRIVES BY A CREDIT REPORT!!!!!!
A person takes a "HIT" on their credit report score because they spend a lot on credit cards one month...THEY STILL HAVE NO TICKETS, NO ACCIDENTS, NO CLAIMS...but the insurance company gets to RIP THEM OFF by charging them higher rates for that 6 months!!! 25+ YEARS OF NO TICKETS, NO CLAIMS, NO ACCIDENTS MEANS SQUAT TO THE INSURANCE COMPANIES!!!
George, Mortgage lenders (and many other lenders) use the FICO scoring model to predict risk. In the FICO model, you do lose points for having a high balance on your credit cards. Insurance is different. The credit report they pull is not FICO scored, and it's only one of many risk factors that are figured into your insurance. Insurance is a statistics game. While you may feel that including credit information as part of the risk assessment is unfair, statistics support this practice. Insurance is also a competitive business. If the link between poor credit and increased insurance risk were not real, then the first company willing to drop this requirement would be able to make a lot of money by taking these customers away from the other insurance carriers.
I guess this is a bit of a stretch on the subject but s has having good credit have to do with being a good driver. Hey , my dad has great credit AND has had a good deal of accidents over the years. I remember being 19 and being told once I was 25 my rates would drop and that they give the best rates to people with clean driving records. Well, I am indeed past 25, never even been pulled over, and I don't see any difference. But, my credit is just so-so. This is why I haven't done a search this year for the "best" rates. Perfect driving history and it doesn't matter. Yes, I think they should just look at the driving record,that should let them see that I am a low risk,not my payment history from 6 years ago. But, just to be fair, I understand after having a small business myself , I would not risk being sued either. I doubt the insurance quoters know anything about inquiries also, they just spit out a number from the computer.
Re: Re: Hung up on by insurance company!! Some people get snowed by FICO and others By Insurers. Congratulations you have been had by both. 3*Insurance 19Years
Re: Re: Hung up on by insurance company!! A person takes a "HIT" on their credit report score because they spend a lot on credit cards one month...THEY STILL HAVE NO TICKETS, NO ACCIDENTS, NO CLAIMS...but the insurance company gets to RIP THEM OFF by charging them higher rates for that 6 months!!! GEORGE ========================= Rite GEORGE this is the only reason they want to pull CR.Reports. The END ************************* LB 59
Re: Re: Hung up on by insurance company!! Well the company i just switched too as of today (well May 1st oficially), recognizes my flawless driving record and quoted me a rate 350 dolllars a year less than my old carrier, i think i am at the lowest possible rate they can give to a 28 yr old driver, or so he said. anyhow they did not need to pull a credit inquiry, and he was correct they did not. Granted my old comapny did not pull one either, but i had not shopped for auto insurance in several years. It seems like the vast vast majority of the comapnys do, and my credit is fine, no derogs, i just dont want an inquiry, I have plenty from my post repair apps.
Re: Re: Hung up on by insurance company!! 1*Mortgage lenders (and many other lenders) use the FICO scoring model to predict risk. 2*In the FICO model, you do lose points for having a high balance on your credit cards. While you may feel that including credit information as part of the risk assessment is unfair, 3*statistics support this practice. 4*If the link between poor credit and increased insurance risk were not real, then the first company willing to drop this requirement would be able to make a lot of money by taking these customers away from the other insurance carriers. Mycroft =================== 1*Fico is not about risk it's about profit. If you don't believe it give me the correct answer to the following question. If everybodys scores remain the same for the next year will defaults? A* Increase B* Decrease C* Remain the same. 2*This in it's self is a scam. 3*Pure myth as there really are no such statistics supporting this practice. 4*They are making more than that now by using it so why should they change?
Re: Re: Hung up on by insurance company!! Mycroft, First, let's talk statistics. What are they? Have you seen them? Has anyone seen them? Are the insurance scammers sharing these "statistics" with the public? The answer is NO! And that's what makes credit score-based premiums the biggest crock of sh*t! Now, let's talk about "the link between poor credit and increased insurance risk". For reasons stated above, IT'S NOT REAL. IT'S FABRICATED BY THE INSURANCE COMPANIES FOR THEIR PROFIT! I heard about this one guy with a DUI and good credit paying a LOWER PREMIUM than the guy with a PERFECT DRIVING RECORD and POOR CREDIT. Is this one of the "statistics" or "links" you speak of? Puh-leeze! And it's not going to take "the first company willing to drop this requirement" to change things. Fortunately, this matter is getting the attention of Washington (not to mentions several states' governments). And I look forward to the day that this matter finds its way into the US Supreme Court and is once and for all OUTLAWED! As a side note, I really don't know who you think you are. You're new here, and you've come off like you're a credit repair expert, and now you're coming off like an insurance expert! I've seen the way you've put other CNet board members down with your condescending, know-it-all attitude, and I, for one, do NOT appreciate it!
Re: Re: Re: Hung up on by insurance company!! tr1252 :Wonder why Mycroft ; never answered this question for me. 1*Fico is not about risk it's about profit. If you don't believe it give me the correct answer to the following question. If everybodys scores remain the same for the next year will defaults? A* Increase B* Decrease C* Remain the same. The END ************************* LB 59
Re: Re: Re: Hung up on by insurance company!! We're on the same page, LB. Give this mess a year or two, and we'll see it go before the Supreme Court.
Re: Re: Re: Hung up on by insurance company!! I have seen them. They make really boring reading. What can I say? Companies compete with one another. You have a lot of insurance companies to choose from. Each one wants you to choose them. They're not thrilled to give you a reason to choose a competitor. FYI, American Family will do homeowners insurance without a credit check. Give them your business. I'm not a credit repair expert, but I know a thing or two about credit. I don't know it all, but what I do know, I know pretty well. I'm not an insurance expert either, but my wife does sell insurance. I ask her when I have a question.
Ok first mistake many people make is they assume that you can't pull credit without the SS#. That's completely false! I work for a very large national auto insurance company and if a customer doesn't supply their social, we can just as easily run it with your name and date of birth. So don't assume it's not being run just because you don't give your SS#. Also many insurers don't even tell you their running credit which I think is shady. At least the company I work for lets everyone know upfront so it's their choice.
