So I recently got a quote from Geico, I actually thought the quote was really good so I signed up for it that day.
Now it's been a week and I just got a FCRA disclosure from them saying:
"Federal Fair Credit Reporting Act Disclosure Notice
Thank you for contacting GEICO for a rate quote.
The price we are quoting you is based in part on information provided to us by the consumer reporting agency listed below.
We are sending you this notice, as required by the Fair Credit Reporting Act, because you received a higher price based on your credit information. However, you may contact us for additional consideration if the credit information used is a result of an extraordinary life circumstance.
The most important credit-related factors that negatively affected your credit score are:
-Insufficient time since oldest finance installment loan estabilished, excluding auto and mortgage loans (-)
-Credit history is too short (-)
-Too many inquiries in past 24 months (-)
-1 or more delinquent accounts (-)".
It's saying they gave me a higher rate because of these things, FICO score is 735 for TU which is what they pulled.
My only recent loan was a mortgage loan so the first makes no sense.
Credit History is 17 years, AAOA is 3.3 years.
I can only see my inquiries within the last year but that is only 5.
Delinquent accounts: 3 late payments made between 2012-2013 on 1 WF account.
I guess the reasoning they listed just seems so harsh, especially for currently having a 735 FICO which is on the verge of "Very Good" credit.
How much would you estimate they increased my rate because of this information? (5, 10, 15%)
Just curious.
