Seems like a catch 22. I got a letter of %26quot;adverse action%26quot; and it cited 2 things that increased my rate. One was a no fault accident with a deer and the other was %26quot;more than 5 inquiries in a 6 month period%26quot;.
1: I paid my policy in full. I am not at risk for not paying my bill.
2: It does not seem fair to ding my credit with an inquiry, than use that same inquiry as an excuse to raise my rate.
The excuse I got when I called was %26quot;studies have confirmed that credit helps determine a drivers risk.%26quot; If that were true, why did they pull my driver record and find it to be flawless? I can%26#039;t make any sense of this logic. It%26#039;s apples to oranges. Why not do a study to determine if Shell or Mobile costumers are better drivers?
Why do insurance companies add a credit inquiry, than use it as an excuse to increase your rate?
you said it...anything they can do to squeeze more cash out of you they will..cant blame them...everyone wants more money...its unfortunate that the state [government] is in on the scam
Why do insurance companies add a credit inquiry, than use it as an excuse to increase your rate?
Its just a way to get more money out of you. You pay for Ins. For years apon years and then when you need them they up you bill and say thank you or see YA.
Why do insurance companies add a credit inquiry, than use it as an excuse to increase your rate?
Most of the insurance companies send an inquiry from time to time on a regular basis. This way, they find out information that you don%26#039;t actively give them. Just being a good paying customer is not enough anymore. They also find out if you%26#039;ve expressed an interest in other insurance companies as well. My bank, I found out send out an inquiry every month to see if my credit has changed any. I had dropped 3 credit accounts, and my American Express dropped my credit line by 2k.
Bottomline, the name of the game is profit in this country.
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