I want to purchase a house but I don't want my credit being touched while looking for insurance for my vehicle. Will an insurance company touch my credit?
2007-08-06 12:08:10 · 7 answers · asked by Bri up 1 in Business & Finance ➔ Insurance
Unless you live in California, yes, an insurance credit check WILL happen, unless you're under 21 (in which case you basically get the worst rates anyway).
The GOOD news is, the insurance scoring does NOT count as a "ding" on your credit rating.
2007-08-06 13:08:08 · answer #1 · answered by Anonymous 7 · 1⤊ 0⤋
Your question is totally irrelvant. There is a misconception that if someone checks your credit rating, your credit rating DROPS.
That's nonsence. Call a credit bureau like equifax and they will explain to you that your credit rating might drop if you have like pages and pages of hundreds of different inquiries.
I directly was speaking with equifax about my credit report, and asked them, hey what about these 5 inquires over the last year or two, are these killing me?? The lady kind of chuckled and said no sweetie, that is the case if you have like 500
inqueries...some people go to bank after bank after bank tryng to get loans, and then have like an entire book of credit inquiry hits....thats when your credit rating starts to go down.
2007-08-06 12:21:56 · answer #2 · answered by zanthus 5 · 1⤊ 0⤋
While you are looking for a house, put a fraud watch on all of your credit reports. NOBODY can look into your credit without your express permission.
When dealing with the mortgage company, tell them that you put the watch on your credit to ensure that all the inforamtion is accurate
2007-08-06 12:16:13 · answer #3 · answered by hail_loki 3 · 0⤊ 0⤋
Most of them will inquire about your credit. This is another flaw in the current underwriting systems that allow an auto company to check credit instead driving history.
2007-08-06 16:14:15 · answer #4 · answered by Phil 5 · 0⤊ 1⤋
They will check your credit as part of the application process. This is just one of the pieces they use to determine what risks to accept and at what rate. Statistics show that folks with lower credit scores tend to have higher likelihood of filing claims. Therefore, folks with lower credit scores tend to pay higher premiums than those with very good credit scores.
2007-08-06 12:15:35 · answer #5 · answered by Boots 7 · 2⤊ 0⤋
Car Ins Companies check your credit and base the rates on it.
2007-08-06 12:13:20 · answer #6 · answered by DIYDivorce 3 · 1⤊ 0⤋
Many will, but usually they have to have your permission. Be sure to read the fine print if applying online or ask any agents BEFORE agreeing to the insurance quote.
I know that Progressive and Geico check credit. I have esurance and I don't believe they check credit.
Try them at www.esurance.com.
Good Luck!
2007-08-06 17:01:03 · answer #7 · answered by Anonymous · 0⤊ 1⤋