| Insurance quotes and insurance company underwriting | | | | listing the name of the entity that made the request. |
| have recently added a new factor for evaluating new | | | | But the Soft Pull does not lower your credit score. |
| customers. Now, insurers will check your credit scores. | | | | So, you may be confident that shopping for insurance |
| They have determined through statistical testing that | | | | quotes will not lower your credit score. And it is very |
| people with good credit scores are better risks, and | | | | important to know that a good or high credit score can |
| that undesirable credit scores are not good potential | | | | lower your insurance rates when you shop for |
| customers. Insurance companies and agents that see | | | | insurance quotes. |
| a person with a high credit score will consider you a | | | | Hot Tip: The trade group Independent Insurance |
| low-risk client. | | | | Agents and Brokers Association (IIABA) finds that |
| There are many consumers who worry that | | | | 85% of new insurance buyers will use the Internet for |
| requesting new insurance quotes could have a | | | | rate quotes and research before making a purchase. |
| negative affect on their credit scores. When agents or | | | | Start shopping online for insurance and allow excellent |
| insurers pull up your credit report, it creates an "inquiry" | | | | local insurance agents to contact you with the most |
| on your credit history. Inquiries can sometimes lower | | | | competitive quotes for your insurance needs. |
| your credit score by a few points. | | | | You could save hundreds of dollars per year through |
| So, does shopping for insurance quotes lower your | | | | the insurance quote process. Many times, the new |
| credit score? | | | | agent you choose will handle cancellation of your old |
| The answer is "NO." | | | | policies and take care of all the paperwork. Shopping |
| There are two types of credit inquiries: | | | | on the Internet for insurance quotes is easy, simple and |
| "Hard Pulls" - this refers to credit inquiries for acquiring | | | | FREE!! It does not cost you one cent to get an |
| credit as from a lender, credit card company or a | | | | insurance quote. In a matter of minutes after you |
| merchant credit card. | | | | submit your request, agents will begin contacting you to |
| "Soft Pulls" - this refers to inquiries made that review | | | | complete your quotes. You could get better coverage |
| your credit score. This is the kind of "pull" that an agent | | | | for less money...it happens all the time. |
| or insurance company will do during the quote process. | | | | Don't waste time, and don't spend more for coverage |
| Soft pulls are not noted on your credit report except | | | | than you have to! |