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C24webb, you are absolutely correct. Now that I think about it I see several SPs from companies like capital one and other businesses I have never done business with.
My concern now is how do these businesses get my social security number to do a SP? In the case of 21st Century I provided my social.. but for some of the other SPs I don't understand how they could get access to my private information to do a SP.
I have no issue or problemi regarding SPs If orginated from credit agencies selling mailing lists based on preselected criteria. However to see a company such as capital one or another credit company without prior business relationship have access to my CR via SPing is quite alarming and intrusive.
Re my new low insurance rates thanks everyone. It was a shocker to save 50% off State Farm's "best rate." Now that I know and have been confirmed by my fellow MyFico friends that insurance companies don't do HPs I am more inclined to do more frequent insurance shopping. I have not been as active since all these years I've always thought that HPs were required.
Just to summarize everything. I'm deeply greatful for the crowd sourcing of knowledge found here. I'm saving hundreds and thousands of dollars per year just from knowing about credit scores.
When I started insuring my motorcycles with Allstate, the agent explained to me that statistically, people with higher scores are deemed more responsible individuals, therefore they are offered a better premium. I'm not sure if I agree with this as I work in a very wealthy area of Phoenix and the more expensive the car, the worse the driver
I might just be wrong, but people around me use geico.. We think that is the lowest ratE we can get
The claim is that, statistically, the auto-insurance credit score (which is weighted differently from the other types of score) correlates to likelihood of filing a claim. In the states that allow this, apparently that is good enough, no casual explanation is needed, it is a measure that apparently reflects risk. Parts of credit card FICO are like that too I guess, it's obvious that prior lates and chargeoffs aren't "good", but far less obvious that having a balance report on more than one card is bad etc.
@azguy13 wrote:When I started insuring my motorcycles with Allstate, the agent explained to me that statistically, people with higher scores are deemed more responsible individuals, therefore they are offered a better premium. I'm not sure if I agree with this as I work in a very wealthy area of Phoenix and the more expensive the car, the worse the driver
It's possible that cops don't give as many tickets to people driving high end vehicles. On the other hand a 20 something male driving a run down vehicle is a target for a no show in traffic court. Just a thought.
Costco insurance through Amerprise is a pretty good rate for both auto and home.
@azguy13 wrote:I'm not sure if I agree with this as I work in a very wealthy area of Phoenix and the more expensive the car, the worse the driver
Expensive cars aren't always financed and even when they are they aren't always financed with the best terms. Don't just assume that expensive car means good credit. My father in law runs a check cashing business and has a number of clients with very expensive cars and poor credit. Poor driving isn't exclusive to expensive cars either.
Using credit scores to determine rates is illegal in CA, MA & HI
http://www.esurance.com/insurance-resources/credit-score-myth