A person’s credit score these days, pretty much controls how they can live their life. We are in a borrowing and lending world after all; the present economic crisis highlights this only too well. No matter what it is you wish to buy on credit, your score will be interrogated to determine whether you will be offered the deal. This is just as true for insurance quotes as it is for anything else.
However, does seeking insurance quotes affect your credit score? It is a question that needs to be answered of course; as every other inquiry seems to be recorded, most notably of course credit card and loan inquires. In a word, no, it doesn’t.
Inquiry: Hard And Soft Pull
This is because of the type of inquiry that is made. For insurance quotes it is a “soft pull”, which merely looks at your past record for repaying any mony due from you and is not recorded. This is different to that which e.g. credit card companies use, who run a “hard pull”, which determines whether you are suitable for credit.
Hard pulls are recorded, and scored on your credit rating. Whether or not a refusal for credit should be recorded is a discussion for another time of course; but it is good to know that soft pulls are not. Soft pulls are however often listed, but with no affect to your score.
If however you feel that something has been recorded against your file, which should not be there, all you need do is contact the credit agency and the company making the recording. If it has been recorded in error, it is a legal responsibility that this is removed completely.
Compare Multiple Insurance Quotes
So, it doesn’t matter how many insurance quotes you make, on any period of time, your score will not be detrimentally affected; whether you take up that policy or otherwise. However, if your credit rating is poor, you can well expect to receive a less generous offer. The various perks attached will also be of lesser value too.
The reason for this is that companies, no matter how vital they are to normal life, really only want to do business with reliable customers, (though the furor over subprime lending raises questions over this of course). If you can improve your rating however, you will find your insurance quotes far more competitive, and will not have shortage of suitors seeking you out.
That those in society that struggle with financial affairs will always be on the back foot because of higher premiums, less preferential deals and all but no benefits is certainly oxymoronic on many way; but it is nothing more than just how the world has developed. The rights and wrongs of this do probably deserve to be discussed in a different place.
Get Insurance Quotes Online
If you do suffer from a poor credit score however, there is some hope for better insurance quotes online by using our form above because of the mere quantity of quotes. This is even more the case with those companies who only operate on the internet, as they do not have so many overheads. There are also a number of independents that can help those with poor credit ratings get better deals, which should really be your first port of call.