Got a hard inquiry yesterday from a company on behalf of my current insurance company. Do they have permissible purpose? If they do I wonder why they didn't do a soft? I had a huge judgement for $13,000 deleted from last year on the same day of the hard inquiry and went up only 3 points. I'm wondering if this inquiry took away a significant amount of points for me?
Unfortuanately, insurance companies do have a right to pull hard inquiries of their customers. If you don't want an insurance company to check your records then you will have to shop around for a carrier who doesn't do credit checks. Most likely the "other" company was underwriting for your insurance company. I would investigate and/or dispute this inquiry.
I DISPUTED my "HARD" from FARMERS on TRANS UNION twice...THEY GAVE THE "PERMISSABLE PURPOSE" GARBAGE TWICE!!!! I EVEN STATED IT WAS INSURANCE COMPANY FRAUD...DIDN'T WORK!!! I applied for NO CREDIT CARD OR LOAN FROM THEM!!! I DON'T drive by my credit report!!! Bill is paid in full BEFORE coverage!!!
Complain to your state's insurance comissioner. Write letters to the politicians in your state as well. The insurance companies claim they have proof that people with "bad credit" have more claims. Of course they won't divulge how they conclude this (trade secret). Secondly the insurance companies definition of "bad credit" can mean somebody has a good score but they have some kind of credit card or loan that they think is "risky" thus jacking up the insured's rates. Does anybody really believe there is competition among property & casualty companies? Funny how they all seem to work together. Collusion?
Actually, it was competition that got them all checking credit - one company did a study, and decided to use credit. When the other companies found out, they felt that they would be at a disadvantage if they did not use credit too. So one by one, they all began to use credit for underwriting. Once a state insurance dept. says "you can't do that here" they are all back on equal footing in that state.
Well I'm going to dispute the damn thing anyway. Bunch of ba$tards!! What have I got to loose now? I can't believe that they did a hard when they could have easily done a soft. Bunch of A$$holes!!
NEITHER A HARD NOR A SOFT IS NEEDED UNTIL YOU DON'T PAY!!! BUT IF YOU DON'T PAY...THEY CUT YOU OFF!!!!!
Insurance inquiries show up as hard inquiries, but they should be coded and not count against your score. I don't know if you have CW or not (or if this is even the CR they pulled) but I would see if it is counting as a hard inquiry or not. Unfortunately, 75% of the insurance companies today do this, unless we complain to our state's Bureau of Insurance...it will continue. Dani
NOTICE OF CANCELLATION INTENT I WILL SEND A LETTER TO THE MAIN OFFICE OF THE INSURANCE COMPANY TELLING THEM TO REMOVE THE "HARD" AND REFRAIN FROM DOING ANY ADDITIONAL HARD OR SOFT INQUIRES IN THE FUTURE, SINCE I DON'T DRIVE BY MY CREDIT REPORT!!! Even though I have NEVER HAD AN ACCIDENT, NEVER A CLAIM, ONE TICKET IN THE EARLY 1980's...AND...I have a 686-714 F.I.C.O. BUT that still has NO barring on how I drive!!!!!!!!!
