Why do insurance companies incorporate a credit inquiry, than use it as an excuse to increase your rate?
Seems like a catch 22. I get a letter of "adverse action" and it cited 2 things that increased my rate. One was a no culpability accident with a deer and the other be "more than 5 inquiries in a 6 month period".
1: I paid my policy within full. I am not at risk for not paying my bill.
2: It does not seem fair to ding my credit beside an inquiry, than use that same inquiry as an excuse to raise my rate.
The excuse I got when I call was "studies have confirmed that credit help determine a drivers risk." If that were true, why did they pull my driver register and find it to be flawless? I can't make any sense of this logic. It's apples to oranges. Why not do a study to determine if Shell or Mobile costumers are better drivers?
Answers:
Its just a bearing to get more money out of you. You pay for Ins. For years apon years and consequently when you need them they up you bill and say thank you or see YA.
Most of the insurance companies distribute an inquiry from time to time on a regular basis. This way, they find out information that you don't actively confer them. Just being a good paying customer is not plenty anymore. They also find out if you've expressed an interest in other insurance companies as well. My mound, I found out send out an inquiry every month to see if my credit has changed any. I have dropped 3 credit accounts, and my American Express dropped my credit line by 2k.
Bottomline, the name of the spectator sport is profit in this country.
you said it...anything they can do to squeeze more cash out of you they will..cant blame them...everyone desires more money...its unfortunate that the state [government] is in on the scam
Related Questions:
1: I paid my policy within full. I am not at risk for not paying my bill.
2: It does not seem fair to ding my credit beside an inquiry, than use that same inquiry as an excuse to raise my rate.
The excuse I got when I call was "studies have confirmed that credit help determine a drivers risk." If that were true, why did they pull my driver register and find it to be flawless? I can't make any sense of this logic. It's apples to oranges. Why not do a study to determine if Shell or Mobile costumers are better drivers?
Answers:
Its just a bearing to get more money out of you. You pay for Ins. For years apon years and consequently when you need them they up you bill and say thank you or see YA.
Most of the insurance companies distribute an inquiry from time to time on a regular basis. This way, they find out information that you don't actively confer them. Just being a good paying customer is not plenty anymore. They also find out if you've expressed an interest in other insurance companies as well. My mound, I found out send out an inquiry every month to see if my credit has changed any. I have dropped 3 credit accounts, and my American Express dropped my credit line by 2k.
Bottomline, the name of the spectator sport is profit in this country.
you said it...anything they can do to squeeze more cash out of you they will..cant blame them...everyone desires more money...its unfortunate that the state [government] is in on the scam
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