Re: Re: Hung up on by insurance company!! George, Your assumptions of what exactly insurance companies use off of a credit report are a little broad. While every company has their choice of what to use, I'm sure most don't use inquiries as a judge. For example, the company I work for which is one of the largest simply looks at payment history. They could care less at inquiries, credit limits, amounts owed, whatever. If you pay your bills on time, no matter what else is on there, you're fine.
Re: Re: Hung up on by insurance company!! I have to agree. I think most people completely blow the credit check when it comes to insurance WAAAAAAY out of proportion. Credit is one of a whole bunch of rating factors. Where I work, I can tell you that it's a very small part. I've seen people who have said they had horrendous credit get awesome rates and people with great credit get horrible rates. Credit is not the be all end all in insurance underwriting. While it is a useful tool to help determine risk, it's not the huge factor everyone assumes it is.
Re: Re: Re: Hung up on by insurance company!! Final time for everyone, read carefully..... Insurance scores are NOT FICO BASED! In otherwords, you can't apply your FICO thinking to what you think will affect your insurance score, they are completely different.
Re: Re: Re: Hung up on by insurance company!! Incorrect, The data is available from several different statistics companies, universities, as well as currently the Virginia Dept. of Insurance (other states should be releasing studies soon). Take out your emotions on the subject before you post something like that. Check the net, I'm sure you'll find the data you're looking for, it's out there, don't assume it's not.
Re: Re: Re: Re: Hung up on by insurance company!! I'll answer it for you. Insurance scores are not based off of your FICO. Therefore the rest of your questions and argument are moot points.
Re: Re: Re: Re: Hung up on by insurance company!! 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 *************I'll answer it for you. Insurance scores are not based off of your FICO schweb ===================== Sorry schweb Insurance scores are not based off of your FICO did not answer my above question! Mine was a multiple choice question and I didn't see A B or C contained in your answer. The END ************************* LB 59
Re: Re: Re: Re: Hung up on by insurance company!! Insurance scores = RUBBISH!!!!! (see my other thread)
Re: Re: Re: Re: Hung up on by insurance company!! I dunno, schweb, I ordered one of those ChoicePoint auto insurance scores from Equifax.com a month or so ago, and it looked like it had all the trappings of a credit-based score, Ã la FICO. The company and formula may be different, but the factors cited for my not having a higher score were remarkably consistent with those given in my Score Power (Beacon) report, i.e., public records, new accounts, and, yes, inquiries. So while your company may not use ChoicePoint, or consider the same factors used by the ChoicePoint Attract score, it would be safe to assume that other insurers do, and that they underwrite their policies accordingly. wajaba
Re: Re: Re: Re: Hung up on by insurance company!! If everybodys scores remain the same for the next year will defaults? A* Increase B* Decrease C* Remain the same. The END ************************* LB 59 Is this relevant to insurance? Mycfoft hasn't ans. because he prob. has you on ignore.
Re: Re: Re: Re: Re: Hung up on by insurance company!! 1*Is this relevant to insurance? 2*Mycfoft hasn't ans. because he prob. has you on ignore. OnTheBayou ======================= 1* FOR INSURANCE If everybodys scores remain the same for the next year willClaims? A* Increase B* Decrease C* Remain the same. FOR CREDIT If everybodys scores remain the same for the next year will Defaults? A* Increase B* Decrease C* Remain the same. 2*Mycfoft hasn't ans. because he don't have the answer. The END ************************* LB 59
Re: Re: Re: Re: Re: Hung up on by insurance company!! My wife does sell insurance. I ask her when I have a question. ====================== UH OH: Bad source
Re: Re: Re: Re: Re: Hung up on by insurance company!! http://info.insure.com/auto/creditscores.html see this and you will see what is factored in and don't let anyone tell you any different. It is here in black and white (so to say)
Re: Re: Re: Re: Re: Re: Hung up on by insurance company!! http://info.insure.com/auto/creditscores.html 1*Those that have better credit pay a lower rate." slstafford ============ 1*I like this statement taken from the above link. Translation ot this statement. Grossly over charge the many with low scores and give a token reducton to the few higher scorers and we have millions left over from the pool of overcharges. The END ************************* LB 59
Re: Re: Re: Re: Re: Re: Hung up on by insurance company!! Here it is simply put. "Insurance scores look for stability." Of course it dosn't really matter what it says, some will read what they want to believe into it. "The biggest difference is that insurance risk scores look for stability, but credit risk scores look for a reliable pattern," says Watts. "Insurance scores are also more interested in how regularly you pay than in how much you already owe." Insurers use these insurance scores to try to identify consumers who are consistent and reliable, as well as those who show a pattern of demonstrating common sense with money. Insurers say these people are less likely to file a claim on an insurance policy.
Re: Re: Re: Re: Re: Re: Hung up on by insurance company!! Thanks for the link, slstafford. In the article, Mike Trevino of Allstate is quoted as saying, "Our feeling is that using credit information allows us to more fairly price our insurance...Those that have better credit pay a lower rate." I'm going out on a limb here, but I'm guessing that he meant to say, "Those that have better credit pay the same rates they always have, while those with bad credit get an unpleasant surprise in the mail." wajaba
Re: Re: Re: Re: Re: Re: Re: Hung up on by insurance company!! Those that have better credit pay the same rates they always have, while those with bad credit get an unpleasant surprise in the mail." wajaba ==================== Wajaba that's what I was going to explain in my follow up post but now I won't have to. You just said it for me. Naturally if you jack the rates on the low scorers those with the high scores will have the lowest premiums. This was accomplished without the high scorers getting one red cent in the form of a discount for having higher scores and at a tremendous profit to the insurers I might add. The END ************************* LB 59 PS Folks with the lower scores better hope insurers don't get generous and decide to give the high scorers another discount:LOL
Re: Re: Re: Hung up on by insurance company!! THEN EXPLAIN THIS!!!! FAIR CREDIT REPORTING ACT NOTICE OF ADVERSE ACTION~~~A consumer report was used during...you did not receive the most favorable premium. NO COLLECTION NO BK NO LATE NO OVER-LIMIT NO LIEN 25+ YEARS
Re: Re: Re: Hung up on by insurance company!! NO TICKETS (except one 1983 7 MPH+)!!! NO ACCIDENTS!!! NO CLAIMS!!! 25+ YEARS!!! ADVERSE ACTION BASED ON WHAT???
Re: Re: Re: Hung up on by insurance company!! NO COLLECTION NO BK NO LATE NO OVER-LIMIT NO LIEN 25+ YEARS Well George it dosn't look like your Credit Report would be the reason. With that history you have a good score. So scores don't count, then what do you think the reason is?
Re: Re: Re: Hung up on by insurance company!! NO COLLECTION NO BK NO LATE NO OVER-LIMIT NO LIEN 25+ YEARS NO TICKETS (except one 1983 7 MPH+)!!! NO ACCIDENTS!!! NO CLAIMS!!! ADVERSE ACTION BASED ON WHAT???
