It should become law that when a business sells a person on opening a line of credit with them they advise them that doing so may adversely affect them. The number of finance companies and length of time accounts established are two of the top negative hits we see on preferred clients.
As an agent I would personally love to see someone go after Choicepoint. Did you know that our most affluent clients most often receive a hit against scoring most preferred because they can\’t score positive on Length of Credit History? Did you know there is no fix for this unless they have a 30 year loan on the credit file? According to Choicepoint the history can NOT go back more than 7-10 years if all the insured has are open revolving charge accounts and even if you have had a charge account 50 years the report will never show more than 7-10. Who is the victim here? The insurance company\’s for buying this flawed system or Choicepoint for selling them on it?
Here is one to think about, if these two companies are made to correct their actions, they will lose customers faster than the gecko can spell geico. That message pins up a flag, \”if I am not getting the best rate, who will give it two me?\” And the shopping will start. This means that based on the report, up to 80% of safeco customers and 90% of Geico customers may pick up the phone to start looking Elsewhere.
Why require a Company to tell them whether they are getting the best rate or not. I agree the consumer NEEDS to be told that his/her credit will be checked and will be taked into account regarding their policy pricing. I have clients that get a letter from Untrin advising them they didnt qualify for their Best rate due to their credit history. This makes them mad and they want to know why they didnt get the best rating, and what was wrong with their credit they have have good credit. All i can say is I dont know what their credit is and here order a free report if they want to know.
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How odd to read an article outlining insurance company malfeasance and not
hear about how State Farm has devil horns.
Oh well, the day is young.
It should become law that when a business sells a person on opening a line of credit with them they advise them that doing so may adversely affect them. The number of finance companies and length of time accounts established are two of the top negative hits we see on preferred clients.
As an agent I would personally love to see someone go after Choicepoint. Did you know that our most affluent clients most often receive a hit against scoring most preferred because they can\’t score positive on Length of Credit History? Did you know there is no fix for this unless they have a 30 year loan on the credit file? According to Choicepoint the history can NOT go back more than 7-10 years if all the insured has are open revolving charge accounts and even if you have had a charge account 50 years the report will never show more than 7-10. Who is the victim here? The insurance company\’s for buying this flawed system or Choicepoint for selling them on it?
Here is one to think about, if these two companies are made to correct their actions, they will lose customers faster than the gecko can spell geico. That message pins up a flag, \”if I am not getting the best rate, who will give it two me?\” And the shopping will start. This means that based on the report, up to 80% of safeco customers and 90% of Geico customers may pick up the phone to start looking Elsewhere.
Why require a Company to tell them whether they are getting the best rate or not. I agree the consumer NEEDS to be told that his/her credit will be checked and will be taked into account regarding their policy pricing. I have clients that get a letter from Untrin advising them they didnt qualify for their Best rate due to their credit history. This makes them mad and they want to know why they didnt get the best rating, and what was wrong with their credit they have have good credit. All i can say is I dont know what their credit is and here order a free report if they want to know.