Date:         Sat, 8 Feb 2003 11:34:11 -0800
Reply-To:     Mike Miller <mwmiller@CWNET.COM>
Sender:       Vanagon Mailing List <vanagon@gerry.vanagon.com>
From:         Mike Miller <mwmiller@CWNET.COM>
Subject:      Re: Insurance - credit check
Comments: To: Bill N <freeholder@starband.net>
In-Reply-To:  <016f01c2cf9c$dbf6af20$319c4094@BILLPC>
Content-type: text/plain; charset="US-ASCII"

This seems like an on list type of thread to me.

It's not specifically vanagon but it is driving and affects us all.

Unless Tom C says otherwise I'd keep it on list.

JMO

Mike

On 2/8/03 10:06 AM, "Bill N" <freeholder@STARBAND.NET> wrote:

> I have read your other posts on the list, and I think you have some
> misconceptions about this.
> First, very few lenders even look at your whole credit report.  They are only
> interested in
> your FICO score, so the only thing that normally matters is how the FICO score
> is calculated,
> and the folks at FICO do ignore these.  Lenders use FICO instead of looking at
> each credit
> report individually because it helps them to avoid charges of discrimination.
> If you have a
> score above their requirements, you get the loan, with no question about
> whether your race,
> gender, sexual orientation, etc. affected the decision.  If you want to know
> more about this,
> go to www.myfico.com.
>
> Also, insurance companies have a valid reason for needing this information.
> People with poorer
> credit file more claims.  Rates are based on the likelihood of claims.
> Insurance rates are
> based upon the statistical likelihood of a claim being filed.  That's why
> smokers pay more for
> auto insurance.  They have a higher incidence of claims.  Insurance companies
> really don't care
> why smokers and poorer credit ratings file more claims, only that they do.
>
> I do have considerable knowledge of this because many of my clients are Credit
> Unions and
> insurance agencies.  If you have other questions, I will do my best to answer
> them, but let's
> take it off list.
>
> Bill
>
> ----- Original Message -----
> From: "John Brush" <jbrush@AROS.NET>
>>
>> However, the big issue was created due to what the reports said was the
>> damage to a credit rating by multiple requests. I guess since I don't know
>> you folks as well as a lot of you do, I will just ask Bill to explain how
>> he knows this and if there is a way to verify this. Not so much as I don't
>> believe you, but its pretty important as far as I can tell.
>