Comments on: How Do Credit Inquiries Affect Your Credit Score? http://www.quizzle.com/blog/2008/06/how-do-credit-inquiries-affect-your-credit-score/ Personal Finance Blog Wed, 09 May 2012 20:28:00 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Insurance Agent http://www.quizzle.com/blog/2008/06/how-do-credit-inquiries-affect-your-credit-score/#comment-10292 Insurance Agent Wed, 04 Jan 2012 18:19:33 +0000 http://blog.quizzle.com/?p=112#comment-10292 Jason, I just wanted to correct some misinformation in your post. Auto Insurance companies don't NEED your SSN to price a policy. If you do not provide a SSN, that is no problem, as they will immediately assume you have the worst credit possible and your premiums will be sky high. Credit is a big portion of auto insurance premium calculations as data indicates a high correlation between bad credit & the probablility of higher than average claims. Therefore, the lower your credit score, the higher your auto insurance premiums. Insurance companies are not the mafia, nor are they a collection agency. An auto insurance company will simply flat out cancel a policy if the premiums aren't paid. Jason,

I just wanted to correct some misinformation in your post. Auto Insurance companies don’t NEED your SSN to price a policy. If you do not provide a SSN, that is no problem, as they will immediately assume you have the worst credit possible and your premiums will be sky high. Credit is a big portion of auto insurance premium calculations as data indicates a high correlation between bad credit & the probablility of higher than average claims. Therefore, the lower your credit score, the higher your auto insurance premiums. Insurance companies are not the mafia, nor are they a collection agency. An auto insurance company will simply flat out cancel a policy if the premiums aren’t paid.

]]> By: kp http://www.quizzle.com/blog/2008/06/how-do-credit-inquiries-affect-your-credit-score/#comment-9157 kp Wed, 20 Jul 2011 00:17:53 +0000 http://blog.quizzle.com/?p=112#comment-9157 pay your bills pay your bills

]]> By: Debbie http://www.quizzle.com/blog/2008/06/how-do-credit-inquiries-affect-your-credit-score/#comment-9118 Debbie Sat, 09 Jul 2011 00:14:17 +0000 http://blog.quizzle.com/?p=112#comment-9118 To opt out of pre-screening offers, you can call 1-888-5OPTOUT, which is 1-888-567-8688, or go to www.optoutprescreen.com online and complete the request form. This is good for 5 years or you can opt out permanently by signing and returning a permanent opt-out election form. If you don't have access to phone or internet, you may write each major credit reporting agency: Experian Opt Out P.O. Box 919 Allen, TX 75013 TransUnion Name Removal Option P.O. Box 505 Woodlyn, PA 19094 Equifax, Inc. Options P.O. Box 740123 Atlanta, GA 30374-0123 Innovis Consumer Assistance P.O. Box 495 Pittsburgh, PA 15230-0495 Be sure to include your name, date of birth, telephone number, and social security number. According to the Federal Trade Commission, the inquiries made by insurance & credit companies, do not have a negative effect on your credit report or score. See http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre17.shtm for the above information on the FTC website. To opt out of pre-screening offers, you can call 1-888-5OPTOUT, which is 1-888-567-8688, or go to http://www.optoutprescreen.com online and complete the request form. This is good for 5 years or you can opt out permanently by signing and returning a permanent opt-out election form. If you don’t have access to phone or internet, you may write each major credit reporting agency:
Experian
Opt Out
P.O. Box 919
Allen, TX 75013

TransUnion
Name Removal Option
P.O. Box 505
Woodlyn, PA 19094

Equifax, Inc.
Options
P.O. Box 740123
Atlanta, GA 30374-0123

Innovis Consumer Assistance
P.O. Box 495
Pittsburgh, PA 15230-0495

Be sure to include your name, date of birth, telephone number, and social security number. According to the Federal Trade Commission, the inquiries made by insurance & credit companies, do not have a negative effect on your credit report or score. See
http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre17.shtm for the above information on the FTC website.

]]> By: Steve G. http://www.quizzle.com/blog/2008/06/how-do-credit-inquiries-affect-your-credit-score/#comment-8634 Steve G. Fri, 28 Jan 2011 00:43:11 +0000 http://blog.quizzle.com/?p=112#comment-8634 I agree Diane - most of the outfits that mass-mail free credit "offers" also make the kind of loans that ding credit scores, so they are engaged in both handing out easy credit and punishing people for it at the same time. On the other hand, in mild defense of Jason, he was correct on one point, specifically, that many companies will try to get your SS# when they have no legitimate reason to seek it, so, even if an insurer claims they need it to price a policy, an applicant should be able to decline to give it without being penalized by having a dangling discount withdrawn. The unhappy fact is that, as in most cases, the system is set up to provide advantages to the lending industry, without regard to its unfairness - or even injury - to the public. I agree Diane – most of the outfits that mass-mail free credit “offers” also make the kind of loans that ding credit scores, so they are engaged in both handing out easy credit and punishing people for it at the same time. On the other hand, in mild defense of Jason, he was correct on one point, specifically, that many companies will try to get your SS# when they have no legitimate reason to seek it, so, even if an insurer claims they need it to price a policy, an applicant should be able to decline to give it without being penalized by having a dangling discount withdrawn. The unhappy fact is that, as in most cases, the system is set up to provide advantages to the lending industry, without regard to its unfairness – or even injury – to the public.

]]> By: diane http://www.quizzle.com/blog/2008/06/how-do-credit-inquiries-affect-your-credit-score/#comment-7493 diane Sun, 17 Oct 2010 03:17:20 +0000 http://blog.quizzle.com/?p=112#comment-7493 I think it is highly unfair to have credit inquiries count against you. I get several "pre-approved" credit inquiries a week. I throw them into the trash-I never even open them. However 2 of them are showing on my credit report as "hard inquiries", which I never requested. How do I "opt-out" of these "pre-screening" offers so this doesn't happen again? (One of the worst is "Orchard Bank Visa" which is advertising on the very same page I'm writing on!) Disgraceful! I think it is highly unfair to have credit inquiries count against you. I get several “pre-approved” credit inquiries a week. I throw them into the trash-I never even open them. However 2 of them are showing on my credit report as “hard inquiries”, which I never requested. How do I “opt-out” of these “pre-screening” offers so this doesn’t happen again? (One of the worst is “Orchard Bank Visa” which is advertising on the very same page I’m writing on!) Disgraceful!

]]> By: seolinkvine http://www.quizzle.com/blog/2008/06/how-do-credit-inquiries-affect-your-credit-score/#comment-6660 seolinkvine Mon, 02 Aug 2010 20:45:37 +0000 http://blog.quizzle.com/?p=112#comment-6660 I typically always go for leasing over renting a automobile. The thing is that it's typically a much cheaper alternative over the long term. With a lease you don't typically have to pay for minor fixes that can begin to add up. Plus you have the ability of switching cars every couple of years! As long as you stay in the mileage I highly suggest it. I typically always go for leasing over renting a automobile. The thing is that it’s typically a much cheaper alternative over the long term. With a lease you don’t typically have to pay for minor fixes that can begin to add up. Plus you have the ability of switching cars every couple of years! As long as you stay in the mileage I highly suggest it.

]]> By: JOHN http://www.quizzle.com/blog/2008/06/how-do-credit-inquiries-affect-your-credit-score/#comment-5973 JOHN Wed, 09 Jun 2010 22:05:17 +0000 http://blog.quizzle.com/?p=112#comment-5973 Jason T. Chun does not know what he is talking about. When an insurance company asks you for your social, they in fact do need this to get a rate. It generates an insurance score that is used to provide a financial stability discount. This discount will vary depending on the info that is provided. It is a soft inquiry, therefor it does not affect your credit. There are some states where it is unlawful to use credit to determine rates and insurance companies will not ask for your s.s in those states. Due to my company guidelines I have to remain anonymous on external blogs when providing feedback but I am an insurance agent that is licensed in multiple states. As far as needing your ss # to go after debt. That is just completely false. In fact ss#s aren't even useful in pursuing debt. Debt is pursued through other personal info that is provided. Jason T. Chun does not know what he is talking about. When an insurance company asks you for your social, they in fact do need this to get a rate. It generates an insurance score that is used to provide a financial stability discount. This discount will vary depending on the info that is provided. It is a soft inquiry, therefor it does not affect your credit. There are some states where it is unlawful to use credit to determine rates and insurance companies will not ask for your s.s in those states.

Due to my company guidelines I have to remain anonymous on external blogs when providing feedback but I am an insurance agent that is licensed in multiple states.

As far as needing your ss # to go after debt. That is just completely false. In fact ss#s aren’t even useful in pursuing debt. Debt is pursued through other personal info that is provided.

]]> By: Insurance Guy http://www.quizzle.com/blog/2008/06/how-do-credit-inquiries-affect-your-credit-score/#comment-5972 Insurance Guy Wed, 09 Jun 2010 21:45:28 +0000 http://blog.quizzle.com/?p=112#comment-5972 @ Jason T. Chun...you're incorrect in saying that your FICO score is damaged by insurance companies. It depends on the type of insurance that an individual is applying for. If it is personal lines insurance (home, auto, toys, ect ect.) then their score is not effective. If you are seeking commerical insurance or life insurance then generally your score is effected. @ Jason T. Chun…you’re incorrect in saying that your FICO score is damaged by insurance companies. It depends on the type of insurance that an individual is applying for. If it is personal lines insurance (home, auto, toys, ect ect.) then their score is not effective. If you are seeking commerical insurance or life insurance then generally your score is effected.

]]> By: Nikki http://www.quizzle.com/blog/2008/06/how-do-credit-inquiries-affect-your-credit-score/#comment-5971 Nikki Wed, 09 Jun 2010 21:45:05 +0000 http://blog.quizzle.com/?p=112#comment-5971 When insurance companies 'pull' your creidt this is a soft inquiry that will not effect the potential customer. Many times this information is used in creidt-based rating which actually gives you a discount for positive credit...not to come after you if you don't pay. When insurance companies ‘pull’ your creidt this is a soft inquiry that will not effect the potential customer. Many times this information is used in creidt-based rating which actually gives you a discount for positive credit…not to come after you if you don’t pay.

]]> By: Arturo http://www.quizzle.com/blog/2008/06/how-do-credit-inquiries-affect-your-credit-score/#comment-5795 Arturo Sun, 23 May 2010 03:50:09 +0000 http://blog.quizzle.com/?p=112#comment-5795 What payments help in rising your score and when. Do employers have a right to pull your credit when applying for a job. What payments help in rising your score and when. Do employers have a right to pull your credit when applying for a job.

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