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I had heard a while ago that your credit report can effect your insurance premium with many companies. I assumed this was simply based on credit score. The other day I learned they look at this in surprising, perhaps disturbing, detail.
I received my "Declarations Page" and insurance cards for the new 9-5 the other day. The rate they had quoted me and that I had paid via CC when I extended coverage shocked me by how low it was. In fact, I twice inquired about the coverage and if the rate was a mistake. So was I surprised when I got a refund check for $39+ bucks. However, I also had a little insert stuck in the envelope that said I didn't qualify for the lowest rate because of my "credit report".
Eventually I found my credit "crimes" listed that disqualified me from the "best" rate. (1) "Insufficient information on credit union, savings & loan, or mortgage accounts", (2) "Length of time since most recent activity for department store accounts".
I can't imagine that I am losing out on more than a few bucks but this is an eye opener. First I don't have a department store account. I had one for a short while 15+ years ago and it was closed. But the kicker is I get hit b/c they don't have "sufficient" information about my bank accounts. This isn't the sort of information I want a bank sharing with reporting agencies anyway. My bank accounts and balances really should be none of their business. There is too much personal information out there and too many people can access it too easily. Surprised they aren't upset that I don't have a grocery card so they can check out my food purchases (seriously that is probably next especially for health and life insurance).
At any rate the following link is sort of interesting and might give you some ideas how to protect your insurance rate. For example, things like holding a "department store" credit card is a negative hit b/c "insurance industry research" shows that people with department store credit cards have more claims. Keep in mind this is based on simply holding it not on good/bad credit and credit responsibility.
Anyone else get informed about their insurance being impacted in this way? What reasons were stated if you got a notice (and actually noticed it)?
posted by 75.100.82...
, Fri, 12 Jan 2007 13:33:28, Fri, 12 Jan 2007 18:04:32, Sat, 13 Jan 2007 12:46:34
, Sat, 13 Jan 2007 22:00:47
, Fri, 12 Jan 2007 10:04:35
, Fri, 12 Jan 2007 08:48:22
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