Is the car insurance company going to run my credit every time I get a quote? I am getting of my parents car insurance and i am shopping around for a good quote.
Is the car insurance company going to run my credit every time I ... Is the car insurance company going to run my credit every time I get a quote?
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Nate W 9:05 am on December 8, 2009
You have every right to be concerned about companies checking your credit, but insurance companies use a "soft hit" inquiry. It never shows up on your credit report and has no impact on your score what so ever. The difference is they are not actually pulling the entire report just your score. Car dealerships, furniture stores, etc. actually pull the entire report, which shows up as an inquiry on your report. Having multiple inquiries, or "hard hits" can damage your standings.
To actually answer your question, yes, nearly all insurance companies now use credit to determine your premium.
yes_its_me 9:05 am on December 8, 2009
Don’t let anyone run your credit until you get the quote you want. Have them just use your demographic and personal data to quote. Then if you like the quote let them run your credit to verify you are qualified.
David 9:05 am on December 8, 2009
Someone checking your score won’t hurt your credit rating; it happens all the time. And there are some companies that don’t check it; watch their ads on TV and in print to find them. Last time I pulled my reports, I noted about ten insurers had looked at mine, with no bad results.
PMack 9:05 am on December 8, 2009
They will run your credit because your credit rating can affect your insurance rates. People that are irresponsible with their finances (and have poor credit scores as a result) are often irresponsible drivers too, so if you have a poor credit score you may have to pay more for insurance.
That said, their running your credit has no impact on your credit score, there is no reason why it should.
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