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Date:         Sat, 8 Feb 2003 10:31:25 -0700
Reply-To:     jbrush@AROS.NET
Sender:       Vanagon Mailing List <vanagon@gerry.vanagon.com>
From:         John Brush <jbrush@AROS.NET>
Subject:      Re: Insurance - credit check
In-Reply-To:  <1e5.1759bc4.2b7618c1@aol.com>

In <1e5.1759bc4.2b7618c1@aol.com>, on 02/08/03 at 03:24 AM, Ben T <BenTbtstr8@AOL.COM> said:

>Bill's got the FICO score pretty much right on the money. However if >anyone else has any more specific questions, please feel free to pmail >me.

I guess I should have asked you for the details, rather than Bill. Didn't see this message till after.. :-)

>He is right on why insurance companies check credit too.

He is right. The insurance companies are ripping us off this way.

>I've dealt with both situations. Insurance while licensed as a Fire and >Casualty agent w/ a major insurance company. FICO scores as a function of >underwriting loans for our mortgage company.

Not because I don't believe you, but because I hate insurance and credit companies, and maybe you can help:

What proof do I have that a mortgage co. or a bank will ignore the repeated requests for information on my credit if I go out and get 6 or 8 quotes, or if I constantly keep searching for a deal. Is there any type of regulation that they have to ignore them, or do they just say that most of the time, they pay no attention? Do you know if I have the right to appeal their decision to use repeated checks as a method to deny me a loan?

I don't have a need for a loan or a mortgage at the moment, but I am concerned with the potential consequences of too many credit checks. I would prefer some concrete proof or method rather than just the idea that most "most banks don't pay attention to it" Perhaps there is none, but if we choose to just cruise along, more and more we will be unable to control our own financial destiny.

For some reason, Utah decided to pass a stupid law to allow this, which means that prior to this new law, it was not permitted to check credit, yet folks were getting rate quotes all the time. All of us here know that such information is not needed to make a quote. I may be needed to finalize the deal, but a quote is not a binding contract. The cynic in me tells me that there is more at work here than meets the eye, and its not good.

We think our vans are insured properly because the agent says so, but we have all seen what happens when actual claims are submitted.

Thanks for the information though. Nice to hear from folks who have been through it.

Cynical in Utah,

John


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