Insurance query affect on credit score

by Guest » Tue May 22, 2012 01:11 pm
Guest

My insurance company has asked for my social security number. Will the insurer's query affect my credit score?

Total Comments: 7

Posted: Tue May 22, 2012 11:08 pm Post Subject:

My gut feeling is it will, but should be minimal.

Posted: Fri Jun 08, 2012 11:26 am Post Subject:

In my opinion, insurer's query will not affect your credit score. Yes, it is true that many insurance companies need a credit rating check in order to give the rate to your auto policy. It is also not necessary that all companies will check it, but most of the auto insurance companies are using a credit score as a very important factor at the time of giving rating to a policy. If you have a poor credit, the definitely it can produce a negative impact on your premiums. If any auto insurance company checks your credit rating, then it will appear on your credit report. So, it will not affect your credit score.

Posted: Sat Jun 09, 2012 01:14 pm Post Subject:

An insurance company inquiry into a person's credit file will not affect that person's credit or credit score. Some states permit the use of a person's credit history as the basis for a "decline" to insure, in which case, a Fair Credit Reporting Act notice must be given which identifies the CRA that furnished the information, allowing the person to check and dispute any derogatory entries.

Posted: Mon Jun 11, 2012 10:26 pm Post Subject:

I don't think insurance query will affect the credit scores. What happens is, the insurance companies ask for the SSN to check your credit reports in order to check your creditworthiness - to make sure that your financial situation will permit you to pay your premiums on time. The insurance companies may charge more premium if you don't have good credit record.

Posted: Tue Jun 12, 2012 10:57 am Post Subject:

The insurance companies may charge more premium if you don't have good credit record.


Do you know why they might do this Emily?

Posted: Wed Jun 13, 2012 05:10 am Post Subject:

The insurance companies do so because they don't consider a person to be responsible enough if they don't have a good credit record. It goes like this - A person who cannot manage his/her finances well, is taken to be not a responsible driver, so he/she is more prone to make mistakes while driving. This usually happens in case of a car/auto insurance policy. What I've heard is, credit score affects the premium rates of other policies, too.

Posted: Wed Jun 20, 2012 12:47 pm Post Subject: hii

I am also agree on this that the insurance query wll not affect the credit scores....

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