BanjoLink - Posted - 06/01/2023:  12:16:56

Mine up over 13% over last year ...... no speeding tickets, accidents ........ nothing. I guess we can add that to inflated food prices and everything else. Won't know about homeowners policy to December ..... can't wait!

PS: and I have a great company ...... USAA!

banjoy - Posted - 06/01/2023:  12:50:04

I was paying $450 per year for basic liability on one vehicle with Selective Insurance, which I thought was already too much. I have excellent credit, no accidents, no tickets, don't drive much at all and have a 2005 vehicle. They went up to $625 per year on renewal which is insane.

I switched to Farmer's Mutual Insurance and it dropped to $250 per year from the same policy.

The credit bureaus have a lot to do with this ... Equifax has gone nuts and reports misleading info. Selective Insurance used to use Lexus-Nexus for their credit reports and last year switched to Equifax, then used their report as partial excuse to raise my rates. Farmer's Mutual Insurances still uses Lexus-Nexus and gave me a discount for my good credit.

Bill Rogers - Posted - 06/01/2023:  13:29:14

Which leads one to ask what credit has to do with safe driving.

csrat - Posted - 06/01/2023:  13:40:50

quote:

---

Originally posted by Bill Rogers

Which leads one to ask what credit has to do with safe driving.

---

I worked with an insurance company for 15 years. Credit score is one of the most reliable indicators of the claims you can expect, the quality of care for the vehicle and the likelihood of timely payments and retention. Nobody likes it, but it's the truth.

Look at the different credit reports on you that are out there every three years or if some anomaly like a unlikely increase in your insurance rates occurs. They have been known to be inaccurate.

BanjoLink - Posted - 06/01/2023:  13:44:13

quote:

---

Originally posted by banjoy

I was paying $450 per year for basic liability on one vehicle with Selective Insurance, which I thought was already too much. I have excellent credit, no accidents, no tickets, don't drive much at all and have a 2005 vehicle. They went up to $625 per year on renewal which is insane.



I switched to Farmer's Mutual Insurance and it dropped to $250 per year from the same policy.



The credit bureaus have a lot to do with this ... Equifax has gone nuts and reports misleading info. Selective Insurance used to use Lexus-Nexus for their credit reports and last year switched to Equifax, then used their report as partial excuse to raise my rates. Farmer's Mutual Insurances still uses Lexus-Nexus and gave me a discount for my good credit.

---

Yeah..... That's funny .... or odd anyway.  I am not sure that I could even buy a house with my credit rating, as it is not particularly good, not bad either.  Since we pay off our credit cards every month, have no debt of any kind, and do not finance anything, I guess there is some logical reason (not to me though) that our rating is only OK.  Seems like 54 years of being insured by the same company would have some sort relativity.  Actually it does, as I get back at least half as much as I pay for premiums in Subscribers Saving Account bonus and a Senior SSA bonus each year.

Texasbanjo - Posted - 06/01/2023:  14:45:42

quote:

---

Originally posted by BanjoLink

quote:

---

Originally posted by banjoy

I was paying $450 per year for basic liability on one vehicle with Selective Insurance, which I thought was already too much. I have excellent credit, no accidents, no tickets, don't drive much at all and have a 2005 vehicle. They went up to $625 per year on renewal which is insane.



I switched to Farmer's Mutual Insurance and it dropped to $250 per year from the same policy.



The credit bureaus have a lot to do with this ... Equifax has gone nuts and reports misleading info. Selective Insurance used to use Lexus-Nexus for their credit reports and last year switched to Equifax, then used their report as partial excuse to raise my rates. Farmer's Mutual Insurances still uses Lexus-Nexus and gave me a discount for my good credit.

---

Yeah..... That's funny .... or odd anyway.  I am not sure that I could even buy a house with my credit rating, as it is not particularly good, not bad either.  Since we pay off our credit cards every month, have no debt of any kind, and do not finance anything, I guess there is some logical reason (not to me though) that our rating is only OK.  Seems like 54 years of being insured by the same company would have some sort relativity.  Actually it does, as I get back at least half as much as I pay for premiums in Subscribers Saving Account bonus and a Senior SSA bonus each year.

---

You still have a credit score whether you're in debt up to your eyeballs or don't owe anyone anything.   If you use your credit card and pay it off each month, that's reported to credit bureaus, so they know you pay your bills and probably keep everything up to date. 

I worried about getting a credit card and my own credit score after Dave died since we'd always used his.  Started off with a Discover Card which I paid off every month.  Didn't take long until my credit score rocketed up to about the best you can get.  Yours is probably up there, too.

And I had no idea that they checked your credit when you insured house/car/boat/RV.   I thought they had to have your permission to run a credit report.   Maybe not.

banjoy - Posted - 06/01/2023:  15:19:32

My credit score is 775 with no defaults, no delinquencies or anything.



Screw credit bureaus.



The Selective renewal showed four negative reasons reported to them by Equifax. Three reasons all centered around revolving credit ... and they reported I had more than 5 revolving accounts. False. I have ONLY TWO revolving accounts and both have zero balances because I pay them off every month. One has a $14,000 limit the other $500 and I use them both but keep them at zero.

It turns out they were counting credit cards I had canceled within the last 8 years, which counts against you. WTF?? I came from a time when the conventional credit wisdom was to close out credit cards you don't need. Hell, banks used to advertise to consolidate your debt with them and they would close out your other accounts for you. Anyone here remember that? I sure do. Decades ago. Now the conventional wisdom is DON'T close accounts you don't want or need, it counts against you. Sure, a great indicator of worthiness, that.



The fourth reason given on my Selective renewal is bizarre and laughable, Here it is, verbatim:



"Your oldest account was opened within the last 32 years. Having your oldest account over 49 years is best."



What the hell does THAT mean? So at age 13 -- 49 years ago -- I was supposed to be thinking ahead about my future credit?



Total B.S.

Edited by - banjoy on 06/01/2023 15:21:06

banjoy - Posted - 06/01/2023:  16:40:24

quote:

---

Originally posted by csrat

quote:

---

Originally posted by Bill Rogers

Which leads one to ask what credit has to do with safe driving.

---

I worked with an insurance company for 15 years. Credit score is one of the most reliable indicators of the claims you can expect, the quality of care for the vehicle and the likelihood of timely payments and retention. Nobody likes it, but it's the truth.

Look at the different credit reports on you that are out there every three years or if some anomaly like a unlikely increase in your insurance rates occurs. They have been known to be inaccurate.

---

I'm wondering why insurance companies reply on credit reports instead of my history with insurance companies. I have never filed an auto claim in my life for anything. I have never had an accident. I have not had a speeding ticket in 14 years. The quality of care of my vehicle is excellent and they never bother to ask. Other than some past credit issues which rolled off my credit report in 2016, I have been a good boy and paid all bills on time, no matter what that bill is.

My question is, I have liability insurance only. No comprehensive or collision. It only pays if I cause damage to someone else's property. And the value of that property will be the same if I pay my bills on time or if I'm a credit deadbeat. So my credit is a gamble that if I am late on paying a bill I am more likely to cause damage. I think the industry plays games with causation and correlation.

BanjoLink -- your insurance company is required to report to you in your renewal package what the credit bureau reported to them, and they definitely checked your credit. It will be in an attachment entitled "Insurance Score Notice." I am very curious if that reveals something that might shed light...?

csrat - Posted - 06/01/2023:  17:50:07

There is no magic formula involved in the use of credit score. In states that don't allow a cancellation or denial of coverage based on your credit score, the credit score is blended into other factors and they call that rating element by a name other than credit score.



They don't ask about the quality of care and maintenance of the vehicle, they garner that info after the claim is made, usually on totalled vehicles.



Favorable past insurance history is not as reliable an indicator of future activity as is the credit score. That's just the way it is. Period. Insurance companies want to sell you insurance! That's how they make money. There is no plot to raise rates unfairly or deny people coverage.

Edited by - csrat on 06/01/2023 17:52:11

csrat - Posted - 06/01/2023:  17:56:35

quote:

---

Originally posted by Texasbanjo

quote:

---

Originally posted by BanjoLink

quote:

---

Originally posted by banjoy

I was paying $450 per year for basic liability on one vehicle with Selective Insurance, which I thought was already too much. I have excellent credit, no accidents, no tickets, don't drive much at all and have a 2005 vehicle. They went up to $625 per year on renewal which is insane.



I switched to Farmer's Mutual Insurance and it dropped to $250 per year from the same policy.



The credit bureaus have a lot to do with this ... Equifax has gone nuts and reports misleading info. Selective Insurance used to use Lexus-Nexus for their credit reports and last year switched to Equifax, then used their report as partial excuse to raise my rates. Farmer's Mutual Insurances still uses Lexus-Nexus and gave me a discount for my good credit.

---

Yeah..... That's funny .... or odd anyway.  I am not sure that I could even buy a house with my credit rating, as it is not particularly good, not bad either.  Since we pay off our credit cards every month, have no debt of any kind, and do not finance anything, I guess there is some logical reason (not to me though) that our rating is only OK.  Seems like 54 years of being insured by the same company would have some sort relativity.  Actually it does, as I get back at least half as much as I pay for premiums in Subscribers Saving Account bonus and a Senior SSA bonus each year.

---

You still have a credit score whether you're in debt up to your eyeballs or don't owe anyone anything.   If you use your credit card and pay it off each month, that's reported to credit bureaus, so they know you pay your bills and probably keep everything up to date. 

I worried about getting a credit card and my own credit score after Dave died since we'd always used his.  Started off with a Discover Card which I paid off every month.  Didn't take long until my credit score rocketed up to about the best you can get.  Yours is probably up there, too.

And I had no idea that they checked your credit when you insured house/car/boat/RV.   I thought they had to have your permission to run a credit report.   Maybe not.

---

When you ask for a quote, you're giving permission to the carrier to use the information you provide to rate the coverage based on the carrier's standards. That's how they get permission to run your credit.

Owen - Posted - 06/01/2023:  18:09:46

Craig: "Insurance companies want to sell you insurance! That's how they make money. There is no plot to raise rates unfairly or deny people coverage."

I don't have supporting stats or research, and it might not be a "plot," but I think at least some of them are not above screwing policy holders around in denying [legitimate] claims. Could this be another way they "make" money?

South Jersey Mike - Posted - 06/01/2023:  18:21:51

I had State Farm for 25 years. I ended up getting my license suspended for a poor life decision. State Farm immediately dropped me even though I had never missed a payment. I was super worried about getting new insurance, I went online and got a lower rate, even with that infraction, than I had with State Farm who apparently were just gouging me for being a long term customer. 

Edited by - South Jersey Mike on 06/01/2023 18:22:33

banjoy - Posted - 06/01/2023:  18:23:49

Insurance is pure gambling. The industry is gambling that you will be a liability and finds ways to increase rates. The customer is gambling to the contrary.



Exquifax's credit report contributed to a ~39% rate increase with Selective Insurance. Lexus-Nexus' credit report resulted in an additional discount to me with Farm Bureau insurance. Clearly, credit reporting agencies have vastly differing and competing metrics. I suspect business are gravitating towards the credit bureau that will give cover for rate increases. Look over there! -- it's them, not us! ... exactly what Selective's underwriters told me over the phone.



Equifax also just screwed me in a refinance, falsely reporting to my bank that I have too many accounts with balances. I log into Equifax and see, as I expected, I have only ONE account with a balance, my home line of credit. Everything else is zero balance. They get away with this because they can.



I've had it with Equifax. They package my credit history in a completely different manner to me than what they sell to their customers (banks and insurance companies) in such a way I have no way to challenge or dispute it. I log in and everything is correct nothing to dispute. The Consumer Financial Protection Bureau has a complaint track specifically for credit bureaus, and now I understand why. I will be pursuing that. My beef is with Equifax making crap up out of whole cloth that gives cover to their clients ... and denies me any avenue to challenge the information. Until now.

Edited by - banjoy on 06/01/2023 18:33:12

csrat - Posted - 06/01/2023:  19:52:35

quote:

---

Originally posted by banjoy

Insurance is pure gambling. The industry is gambling that you will be a liability and finds ways to increase rates. The customer is gambling to the contrary.

---

This simply isn't true.

Most insurance companies take no profit from your premiums. They take the money from premiums and invest it. Retention is the path to profits. Keep premiums coming in so they can be invested. Agents make less commission for renewed policies with the assumption being they expended less effort to retain than to initially acquire.

The carrier wants you to forget about your insurance until it's time to file a claim or renew the policy. The calculations made to acquire policies, and set rates are quite complicated and constantly reviewed. The exception for this being when they'd rather you found another carrier than they retain the risk. The carriers can only do what the state regulators allow them to do. If you feel a claim was rejected when it should have been honored, call your agent first, then, if applicable, his superior, then contact your state's insurance regulatory commission.

As an aside, if you buy the cheapest insurance you can, particularly online, you are likely to find their legal ability to cancel or reject a claim is much more liberal. Do research, talk to people you know when shopping for insurance.

Edited by - csrat on 06/01/2023 19:56:59

banjoy - Posted - 06/01/2023:  23:44:58

csrat I appreciate your replies to my thread drifts, and your defense of an industry you love, but my comments are not directed at you. It is absolutely gambling because it deals with probabilities and payoff, loss or gain.



The statement I made about insurance being gambling was paraphrased from what I was told many years back by my insurance agent / agency owner / friend at the time. He owned a small insurance agency and characterized it that way. It's not difficult to view it through that lens.



To add more thread drift, insurance is a total black box with no way to know how the rates a derived, just like drug prices can be vastly different for every person for the same medication and dose. When my Selective renewal came up I spoke with my agent who is just a broker for 30 companies, then directly with Selective's underwriting department, twice, and no one could tell me why the rate went up other than point to 2 things: the negative credit report (they chose the credit agency, not me) and the fact "the state" had changed the rating on my vehicle. Whereas the rating system had been 30 different layers or "tiers" now it was 10 layers, and no one could tell me what that meant, where to look at those different layers or levels, what the definitions were. No one knew they told me the core information was not available to them to see. Last year my vehicle was "tier 28" then it was "tier 4" and my bill clearly said rates are partially based on that. Not one person could tell me what that meant, the underwriter kept saying it was "the state" "the state" "the state" (as opposed to the federal because we were discussing how rates are state-by-state) that did rating which that totally beyond their control. Okay. Please tell me what "the state" is, what agency, what department, what authority they were pointing to. They could not. The underwriter had no idea what "the state" was, and he again told me that core information was not available to him.



A ~39% increase in my bill that they could not explain. Everyone in the process was super nice though. Kind, cordial, and well trained in the art of deflection.

They justified it for their benefit not mine. They help themselves, not me. So I switched companies and it went from $625 per year had I blindly accepted, to $250. Same vehicle, same coverage, same person, different insurance company. Go figure.

Edited by - banjoy on 06/01/2023 23:54:57

csrat - Posted - 06/02/2023:  01:34:58

quote:

---

Originally posted by banjoy

csrat I appreciate your replies to my thread drifts, and your defense of an industry you love, but my comments are not directed at you. It is absolutely gambling because it deals with probabilities and payoff, loss or gain.



The statement I made about insurance being gambling was paraphrased from what I was told many years back by my insurance agent / agency owner / friend at the time. He owned a small insurance agency and characterized it that way. It's not difficult to view it through that lens.



To add more thread drift, insurance is a total black box with no way to know how the rates a derived, just like drug prices can be vastly different for every person for the same medication and dose. When my Selective renewal came up I spoke with my agent who is just a broker for 30 companies, then directly with Selective's underwriting department, twice, and no one could tell me why the rate went up other than point to 2 things: the negative credit report (they chose the credit agency, not me) and the fact "the state" had changed the rating on my vehicle. Whereas the rating system had been 30 different layers or "tiers" now it was 10 layers, and no one could tell me what that meant, where to look at those different layers or levels, what the definitions were. No one knew they told me the core information was not available to them to see. Last year my vehicle was "tier 28" then it was "tier 4" and my bill clearly said rates are partially based on that. Not one person could tell me what that meant, the underwriter kept saying it was "the state" "the state" "the state" (as opposed to the federal because we were discussing how rates are state-by-state) that did rating which that totally beyond their control. Okay. Please tell me what "the state" is, what agency, what department, what authority they were pointing to. They could not. The underwriter had no idea what "the state" was, and he again told me that core information was not available to him.



A ~39% increase in my bill that they could not explain. Everyone in the process was super nice though. Kind, cordial, and well trained in the art of deflection.

They justified it for their benefit not mine. They help themselves, not me. So I switched companies and it went from $625 per year had I blindly accepted, to $250. Same vehicle, same coverage, same person, different insurance company. Go figure.

---

I don't love the industry, I just understand how it works.

I wrote code, trained licensed agents and support people, debugged and troubleshot their website and rating software as well as designed their reports. Worked with the actuaries and the marketing group. When I began training agents, I became a licensed agent in eighteen states. It was not a difficult test. If an agent told you it was a gamble the way you described, then let me advise you of the worst kept secret in the insurance industry:

"Most agents don't know how insurance works."

I never held a policy with any carrier I worked with because I was able to get better prices, service and coverage from other sources.

We just happened to be discussing something I have a thorough understanding of. Complaining about how insurance is a racket and some such helps no one. Getting an understanding of what coverage you want gets you the best possible policy. Finding out which carriers have good reputations with there policy holders is just a good practice.

Online research will reveal which carriers that have been found guilty of fraud and manipulation of their claims teams, usually on major weather events. If they're doing it on those major, catastrophic events, their overall practices are questionable. There are a few carriers that should be avoided. One of them has been mentioned in this thread. I won't list them for you because those particular carriers get very cranky when someone talks about their past misdeeds. 

Been out of the business for some six years, things change, do your research, if someone gets screwed and does nothing about it, that's on them. I can tell you of all the cases I've assisted with by providing recorded phone calls, policy coverage reviews, communications with adjusters agents and call center support staff, over 90% were shown to be proper decisions by the carrier. The rest were mistakes made by agents and call center personnel.

That's it. These are the facts. Eat 'em, bleed 'em or persqueat 'em. I'm out.

Texasbanjo - Posted - 06/02/2023:  04:44:04

I was amazed a couple of years ago when I actually checked various insurance companies for insurance costs. I found 2 or 3 companies that were much less expensive than what I had been using for over 10 years. Dumb me, I just paid the premiums over the years and never thought about checking to see if it was cheaper elsewhere.

I now check with various companies (and I use the major ones, not the ones that are just web-based) and still found savings by shopping around.

banjoy - Posted - 06/02/2023:  05:01:21

csrat (and everyone else) I apologize for my profantiy-laced rants as I read them again, well, I'm pretty passionate I guess :/ ... I really appreciate your posts and your experiences, and I understand, I really do ... I worked for the Post Office and know it pretty well, which is why I don't work there anymore LOL.



I'm still quite curious if BanjoLink can take a look at his renewal notice and see what his Insurance Credit Score is, if that was a slap at him, it would be there. I'm curious like a cat, which we all know, gets cats killed LOL!!!

My beef is with Equifax and they're in my sights. I just gotta pull the trigger, it's some work to do that.



Peace. Have a great weekend.

Edited by - banjoy on 06/02/2023 05:03:01

Buddur - Posted - 06/02/2023:  06:01:18

My auto is bundled with my homeowners.

When homeowners is involved there's alot more to it when switching insurance companies .

1935tb-11 - Posted - 06/02/2023:  08:47:23

we have been with farm bureau ins for many years now ,,more then 15 and they have the best rates and we have had 2 claims with no kick back so far,,just got our new bill in may and it was still the same as last november.

banjoy - Posted - 06/02/2023:  08:50:46

I've always had homeowners' insurance and auto insurance at the same company. They offer discounts when the two are together.

I had no problem switching both policies from Selective Insurance to Farmer's Mutual Insurance. It only took a few phone calls to bind the policies, then they had to do a walkaround of my house, take photos to pass underwriting, all done. About 5 days beginning to end. It saves me about $400 per year between the two.

It could be more involved in other states, I do not know.

banjoy - Posted - 06/02/2023:  08:54:17

quote:

---

Originally posted by 1935tb-11

we have been with farm bureau ins for many years now ,,more then 15 and they have the best rates and we have had 2 claims with no kick back so far,,just got our new bill in may and it was still the same as last november.

---

I always had Farmer's Mutual when I lived in TN, so for about 20 years, and it is a great company. When I moved to SC they were the first I called (available through The Farm Bureau, a nonprofit co-op which you have to join) but in 2009 when I moved they had stopped writing home policies in SC because of all the hurricanes or whatever. They started writing again a few years ago, as I learned as I was price shopping. It's a great company, an excellent co-op to be a part of too. I'm very happy to be back with them, and my brother here switched to them too. Big Thumb's Up from me for sure.

donc - Posted - 06/02/2023:  13:14:25

The government of B.C. established its own auto insurance company in 1972. This came as a result of too many private companies pulling too many scams. One other major problem was that a few too many motorists did not have liability insurance or any other auto insurance. Under the new program everyone has to buy a basic liability policy every year when you renew your car registration. They also sell a non- cumpulsory policy for collision, theft, and comprehensive which includes windshield damage. If you don't want the secondary policy you can also buy it from the private market. There is no obligation to buy anything other than the public liability policy. Another big problem before 1972 is that insurance companies would cancel your insurance after just one claim. At that point it became almost impossible to get your car insured from the other competing companies. Like any company there are still a lot of complaints against ICBC and a few have advocated going back to the pre 1972 system. The problem is that a large number of today's motorists were not dealing with car insurance before 1972 so they have no idea what is was like before.

BanjoLink - Posted - 06/02/2023:  20:00:41

quote:

---

Originally posted by banjoy

quote:

---

Originally posted by csrat

quote:

---

Originally posted by Bill Rogers

Which leads one to ask what credit has to do with safe driving.

---

I worked with an insurance company for 15 years. Credit score is one of the most reliable indicators of the claims you can expect, the quality of care for the vehicle and the likelihood of timely payments and retention. Nobody likes it, but it's the truth.

Look at the different credit reports on you that are out there every three years or if some anomaly like a unlikely increase in your insurance rates occurs. They have been known to be inaccurate.

---

I'm wondering why insurance companies reply on credit reports instead of my history with insurance companies. I have never filed an auto claim in my life for anything. I have never had an accident. I have not had a speeding ticket in 14 years. The quality of care of my vehicle is excellent and they never bother to ask. Other than some past credit issues which rolled off my credit report in 2016, I have been a good boy and paid all bills on time, no matter what that bill is.

My question is, I have liability insurance only. No comprehensive or collision. It only pays if I cause damage to someone else's property. And the value of that property will be the same if I pay my bills on time or if I'm a credit deadbeat. So my credit is a gamble that if I am late on paying a bill I am more likely to cause damage. I think the industry plays games with causation and correlation.

BanjoLink -- your insurance company is required to report to you in your renewal package what the credit bureau reported to them, and they definitely checked your credit. It will be in an attachment entitled "Insurance Score Notice." I am very curious if that reveals something that might shed light...?

---

Frank ...... you are correct.  This is the way I found out my credit score. They sent the link (to Equifax, I think) in one of their emails, so I just clicked on it out of curiosity.   I was expecting it to go through the roof, but it was pretty meager, at best.  I don't really care, as l have no intention of needing it, but if it has caused my premiums to increase I would like to know why.

banjoy - Posted - 06/02/2023:  23:35:23

Well, I take back everything I said about Farmer's Mutual Insurance.

Both my brother and I switched to FMI at the same time. As I've said in this thread my previous company jacked up my rates 39% for no reason. My brother was with Geico and he was paying outrageous rates with them. We both jumped ship at the same time (within weeks of each other) for both homeowners' and auto.

My new rate for the same policy was $135 per six months, or $270 per year. They write only 6 month policies.

My brother called me yesterday upset that his 6 month renewal pkg had come in and they went up $15 on one of his cars and $80 on his 2nd car. So I called my agent (his agent too) to ask WTF. She was able to look ahead and see my 6 month renewal coming in July will be $219 for six months -- a 62% increase. Nothing has changed, she confirmed my "Insurance" score was 811 (apparently very good) and she said very few of her clients have a score in the 800s. She spent considerable time with me and looked at everything and could not explain this. She has reached out to their underwriting dept to explain and I expect an answer soon.

When I switched companies I specifically asked her if there would be a bait and switch as some companies are known to do this. Nope these are their rates and she herself has had insurance with FMI for years.

And here we are. I took their bait.

csrat - Posted - 06/03/2023:  00:06:57

811 is a very good credit score.

banjoy - Posted - 06/03/2023:  00:19:42

quote:

---

Originally posted by csrat

811 is a very good credit score.

---

My "FICO" credit score is 725 which ain't too bad at all. My agent told me the "insurance" score is different and mine is 811, and she echoed what you just said, that it's very good. She told me she does not not see scores that high that often.

It's just weird that this thread on this topic popped on here just as all this came down. I feel vulnerable and victimized.

I wrote a very lengthy and respectful email to my agent just now and may attached a pdf copy to this thread. I need to sleep on that. If I do I'll redact any personal information. But a lesson in being angry and civil at the same time. I need some answers. Whenever they come, I may update here too because at this point I am wearing my heart on my sleeve.

Edited by - banjoy on 06/03/2023 00:21:50

Owen - Posted - 06/03/2023:  06:16:52

I see lots of ads to entice me to check my credit score. I don't pay close attention, so either they haven't adequately explained the rationale or it's been a case of in-one-ear-and-out-the-other, so, so far I haven't taken the bait.   Am I out to lunch on this one too?  

csrat - Posted - 06/03/2023:  10:21:14

quote:

---

Originally posted by Owen

I see lots of ads to entice me to check my credit score. I don't pay close attention, so either they haven't adequately explained the rationale or it's been a case of in-one-ear-and-out-the-other, so, so far I haven't taken the bait.   Am I out to lunch on this one too?  

---

While I haven't seen any ads for this in awhile, I used to see a company that would tell folks to use their app to check their credit score for FREE! This is not a good idea.

Always keep in mind:

When the product is free, You, are the product.

By using the app, you give them permission to see, use and sell your credit score, along with all the information their app gets off your phone.

You can learn how to get your credit score, along with the related information Equifax and the other credit tracking companies have, online. More effort, but you're not giving up a load of personal information to a company so they can sell it to all buyers.

banjoy - Posted - 06/03/2023:  11:56:47

Here in the US you are entitled to a free credit report from the three major agencies once per year with no cost and no hit to your credit. You have to get it right from their website.



There are a lot of websites that make themselves appear to be the free source, but there in only one government-sanctioned portal to the three big bureaus. Use any other look-alike site might be a hit to your credit or some hidden fees or just plain bs.



Only site sanctioned by the US Government

annualcreditreport.com/



For more infomormation

usa.gov/credit-reports

Edited by - banjoy on 06/03/2023 11:58:09

BanjoLink - Posted - 06/03/2023:  14:22:43

quote:

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Originally posted by banjoy

Here in the US you are entitled to a free credit report from the three major agencies once per year with no cost and no hit to your credit. You have to get it right from their website.



There are a lot of websites that make themselves appear to be the free source, but there in only one government-sanctioned portal to the three big bureaus. Use any other look-alike site might be a hit to your credit or some hidden fees or just plain bs.



Only site sanctioned by the US Government

annualcreditreport.com/



For more infomormation

usa.gov/credit-reports

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Frank, I just did it because I could not find the email from insurance company giving me the link.  I went to Equifax and after giving them all my information, I got the report, but no credit score or I could not find it anywhere.  I then went to Experian and clicked on credit score and took me to a box where they wanted a bunch more information.  I then said the heck with it, as I don't need it and was doing it out of curiosity anyway.  The Equifax report had a bunch of stupid stuff on it and nothing that I would thin would adversely affect my score.  For my oldest credit card, the had one from Belk, that I did not know that I had anymore and haven't used in twenty or more years.  Quite frankly, if the garbage that they had on there is what the calculate credit scores from, then no wonder, it appears to be worthless.

donc - Posted - 06/03/2023:  17:23:26

ON a similar topic Allstate announced today that they are not selling any new home owner policies in California. All the floods and fires seem to be costing them a lot. This may just be the tip of the iceberg in what could happen to that industry. California has established a state insurance plan but it costs a lot and has numerous restrictions.