Several weeks ago I attended a meeting at the insurance commissioners office in Salem Oregon. Unhappy insurance agents (the honest ones) and consumer groups are mad about unfair and incorrect scores determining your premiums!! FICO and an affiliate scor model company provide a DIFFERENT score than your usual credit score. Of couse it is just as inaccurate and filled with unfair factors as the other one. You have NO access to it! You can NOT defend yourself! A guest speaker from a credit bureau who is anti-score was about to speak when the representitive from FICO pulled an immature stunt to try and trap him. The speaker has been accused by one of the big 3 repositories of doing 'credit repair' which would not be legal for his credit bureau. So they FICO guy walks up to him and whispers: "My daughter is having credit problems--can you help? You do credit repair, right?" This from a FICO rep! Like HE couldnt take care of his daughters problems? Like the speaker was so stupid he couldnt see the trap? FICO stands to lose MILLIONS in revenue if we can stop the score conspiracy. I am a mortgage broker who sees the score systems mistakes and unfair factors HURT people EVERY DAY. We must stop the score system. So far only one state has separated scores from insurance premiums. The fight continues---
Thanks for the info! Being a mortgage broker, I have a question. You know that the only service that provides consumers access to their FICO scores is www.myfico.com which uses the information on your Equifax report to produce a score. The Question: Do you know of any source willing to sell a consumer his FICO scores from Experian and/or Trans Union?
WELCOME TO CREDITNET... I have a "SORE SPOT" in using F.I.C.O. SCORE (or a made up one) to "SEE" how I drive... I pay in full before coverage starts (so they are NOT my creditor). Never had a claim. Never had an accident. One ticket 7 MPH OVER 1983. Have EXCELLENT credit...but I always wonder if I am paying too much because they "PULL" even though I told them NOT TO!!!
Bkev... ONLY "TRUE F.I.C.O." SCORE IS EQUIFAX...(you should know this). EXPERIAN AND TRANSUNION HAVE THEIR OWN MADE UP SCORES!!! https://www.econsumer.equifax.com/webapp/ConsumerProducts/pgConsumerProducts?
GEORGE have you EVER TRIED to use www.insweb.com to SHOP your rates? I did when I MOVED and found a range of more THAN $500 for just 12 MONTHS between the 8 companies that made OFFERS. Just wondering (and giving you a little hard time)
From what Im told, they (and other entities) have the right now to pull your report without your permission.
Hey bkev, you're better off with an agent of your own, just like consumers are better off with a mortgage broker of their own, hehe
Welcome to the board Cedonulli!! Insider knowledge is highly valued here. I am an agent. You are right, once you have a policy with an insurance company, they can pull your report just like a creditor can, and raise your rates or non-renew if you no longer fit their profile. TU has an "insurance only" score. Consumers must stand up and fight this - many states are looking at it right now as it is considered a means of "redlining" certain areas, without detection. So it discriminates against poor and minorities. Only a huge consumer outcry will end it, because the CRA's are putting "the big spin" on creditbased insurance underwriting, and losing this business will tear into their profits. You are exactly right.
You don't need to answer this one way or the other, but it is better not to use your real name on here. You'd be surprised who reads this board - or maybe you wouldn't. LOL.
FREEEEEEEEEEDOOOOOOOOOOOOMMMMMMMM! Our daughter totaled my car - six months later hubby wrecked the truck - CANCELLED - when asked why - 2 wrecks in two years - been with them for 15 years - doesn't this entitle me to 30 wrecks?
Only true FICO score available to consumers, YES. But there are Experian and Trans Union FICO scores produced for lendors.
I have been with FARMER'S for 20+ they sent me a "NEVER CANCEL LETTER"... I guess that means they won't EVER cancel me...
have you ever driven in texas? I've noticed that 90% of the people in texas have a rotten insurance score. Maybe they used texas as a model?
The "POINT" is...say your F.I.C.O. was 488...PRETTY ROTTEN...but you have NO claims, NO accidents, NO tickets...YOU MUST BE A ROTTEN DRIVER BECAUSE YOUR SCORE SAYS YOU ARE!!!!!!!!!!!!!!
I CAN'T DO ANYTHING EXCEPT WRITE LETTERS TO CONGRESS/SENATE WHICH WON'T BE READ BECAUSE OF THE ANTHRAX SCARE!!!!!
George, go to google, type into the box "write congressman" and it will give you a site where you can put in your zip code, it will find your representatives, and then you click on a little form to write each one.
