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Established Member
commonperson
Posts: 27
Registered: ‎09-20-2011

Home security requires 750???

In the process of buying a home, we started looking into home security systems. Today my BF contacted Protect America and they stated they required a credit check in order to "qualify" to use their system. They couldn't answer whether it would be a hard or soft inquiry, he agreed anyway. After pulling his credit they proceeded to explain that he wouldn't qualify because his score was less than a 750! They then asked him if he had anyone that could "co-sign" for the system. My BF explained that I was at work and he would have to check with me. They responded by saying they would be happy to call him back in 15 minutes and if I had agreed they would run MY credit. 

 

Is this standard procedure to require such a high score to have a home security system? Does anyone know if this is a hard or soft inquiry? Isn't it illegal for them to run my credit without at least getting verbal consent directly from me first? How is it that my 725 can qualify to buy the home but not to protect it?

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Home security requires 750???

If buying a home, I'd wait until close to get the system just in case inquiries do appear.

 

I don't have any experience with that company, but DW and I ordered ADT shortly after moving in. It was a hard inquiry and the score was a TU or EQ FICO, but I can't remember the detail though. So, is it standard to have a hard inquiry? I guess so. You'd have to pull your report to see if that was the case.

 

Not sure on the legality.

 

It does seem that their credit standard was a bit tight.

 

 

Established Member
commonperson
Posts: 27
Registered: ‎09-20-2011

Re: Home security requires 750???


llecs wrote:

If buying a home, I'd wait until close to get the system just in case inquiries do appear.

 

I don't have any experience with that company, but DW and I ordered ADT shortly after moving in. It was a hard inquiry and the score was a TU or EQ FICO, but I can't remember the detail though. So, is it standard to have a hard inquiry? I guess so. You'd have to pull your report to see if that was the case.

 

Not sure on the legality.

 

It does seem that their credit standard was a bit tight.

 

 


Thank you for the input. Does anyone know of any home security systems companies that do  not require an inquiry? I avoid inquiries like the plague, especially if they will not result in the desired outcome as in this case.

Established Contributor
cdtotten
Posts: 951
Registered: ‎05-27-2009

Re: Home security requires 750???

The only way I can see you getting around not having your credit run is if you were willing to prepay for everything and give a deposit for the equipment. They are not going to install expensive equipment in your home and provide monthly services if they can't verify that you are likely to pay. I know all major security companies will run your credit.


Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU


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Regular Contributor
mocha82
Posts: 208
Registered: ‎03-11-2007

Re: Home security requires 750???

+1  I have ADT  and I don't recall them doing a credit check.  Maybe my salesperson got around that part somehow because if it was based on credit, last year I wouldn't have my system.  That's for sure.

Closed on my 1st home on: 11/30/2011
First Guaranty Mortgage Corporation (FGMC)
Starting Score:Equifax: 490 (01/14/2011)Transunion: 498 (01/14/2011)
Current Score: Equifax: 609(07/09/2012) Transunion: 644 (10/14/2011) Experian: 593 Lender Pull (08/22/2011)

Goal Score: 700

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Senior Contributor
laz98
Posts: 4,291
Registered: ‎09-06-2008

Re: Home security requires 750???

we have a local security system, & they don't ask for anything like that.  good to know, in case i ever consider ADT or the likes.

Latest scores: Walmart TU: 766. MyFICO TU: ---. DCU EQ: 741. PSECU EX: 756.
Established Member
commonperson
Posts: 27
Registered: ‎09-20-2011

Re: Home security requires 750???


laz98 wrote:

we have a local security system, & they don't ask for anything like that.  good to know, in case i ever consider ADT or the likes.


Local security system? How does that work? What is the name of the company? Perhaps I should look into that.

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Senior Contributor
laz98
Posts: 4,291
Registered: ‎09-06-2008

Re: Home security requires 750???

that should say "local security system company" :smileyhappy:  it's called security dynamics, but i don't think they have a website.  anyway, it's a local company, so i don't think you would be able to get service with them.  it has the same monitoring services that the larger companies have.

Latest scores: Walmart TU: 766. MyFICO TU: ---. DCU EQ: 741. PSECU EX: 756.
Regular Contributor
mocha82
Posts: 208
Registered: ‎03-11-2007

Re: Home security requires 750???

Contact ADT.  See what they have to say.  They are a great company and have great specials.

Closed on my 1st home on: 11/30/2011
First Guaranty Mortgage Corporation (FGMC)
Starting Score:Equifax: 490 (01/14/2011)Transunion: 498 (01/14/2011)
Current Score: Equifax: 609(07/09/2012) Transunion: 644 (10/14/2011) Experian: 593 Lender Pull (08/22/2011)

Goal Score: 700

Take the FICO Fitness Challenge


Established Contributor
cdtotten
Posts: 951
Registered: ‎05-27-2009

Re: Home security requires 750???

Just remember that most home security packages that offer no installation/equipment costs, etc. will typically require a three (3) year contract. That is a LONG time to lock yourself into an expensive monthly service.


Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU


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