Insurance and Credit Searches

[anonymous-user]

I got sucked in to signing up for one of these things where you get notified if somebody does a search on your credit record and in the last few days i've had four insurance companies perform searches. My car and home insurance is due for renewal soon but none of the searches have been done by the insurance company i am currently with and I haven't yet had a chance to go for quotes anywhere else yet. So my question is, why are these companies running searches on me now, is it because i've got quotes from them before and they know i'm due to renew, or might it be something I should be worrying about?

Also, how will all these searches going on affect my credit rating?

[Steffan]

Inkyfingers said:

I got sucked in to signing up for one of these things where you get notified if somebody does a search on your credit record and in the last few days i've had four insurance companies perform searches. My car and home insurance is due for renewal soon but none of the searches have been done by the insurance company i am currently with and I haven't yet had a chance to go for quotes anywhere else yet. So my question is, why are these companies running searches on me now, is it because i've got quotes from them before and they know i'm due to renew, or might it be something I should be worrying about?

Also, how will all these searches going on affect my credit rating?

In would get out of this asap. Repeated searches could degrade your score. Avoid such adgrabs if you can. The searches are ins coys looking for business. Never join such daft sites. Better to make your own enquiries.

[anonymous-user]

Steffan said:

In would get out of this asap. Repeated searches could degrade your score. Avoid such adgrabs if you can. The searches are ins coys looking for business. Never join such daft sites. Better to make your own enquiries.

It's not the website (Credit Expert) that i'm worried about, it's the insurance companies making the searches without me asking. I can only assume it's because i've sought quotes from them in the past, but why would they be searching my credit file now when I haven't asked for any more quotes, is that even allowed?

This is precisely the reason that I join Credit Expert as the idea is that it would flag up anybody applying for credit in my name, i'm not convinced of the value but figure it can't do any harm.

[Steffan]

Inkyfingers said:

Steffan said:

In would get out of this asap. Repeated searches could degrade your score. Avoid such adgrabs if you can. The searches are ins coys looking for business. Never join such daft sites. Better to make your own enquiries.

It's not the website (Credit Expert) that i'm worried about, it's the insurance companies making the searches without me asking. I can only assume it's because i've sought quotes from them in the past, but why would they be searching my credit file now when I haven't asked for any more quotes, is that even allowed?

This is precisely the reason that I join Credit Expert as the idea is that it would flag up anybody applying for credit in my name, i'm not convinced of the value but figure it can't do any harm.

From your own experience I suggest that it can. I would avoid all the Credit Expert and similar hooks trying to find gullible takers. There is nothing in this for you and everything for Credit Expert and the like. Avoid.

[martin mrt]

AFAIK The searches made by insurance companies are not available to see by other lenders as such, and as a result they do not alter or affect your credit rating whatsoever

[Sarnie]

martin mrt said:

AFAIK The searches made by insurance companies are not available to see by other lenders as such, and as a result they do not alter or affect your credit rating whatsoever

Correct.

Credit searches are now given categories. Lots of employers now credit search employees and insurance companies do also. These are not classed as applications for credit and will not affect your credit score in the same as applying for loans or CC's can.

[anonymous-user]

Sarnie said:

Correct.

Credit searches are now given categories. Lots of employers now credit search employees and insurance companies do also. These are not classed as applications for credit and will not affect your credit score in the same as applying for loans or CC's can.

Thanks for that, has put my mind at rest. Still not sure that it's right that insurance companies can run searches of any sort without your permission though.

[Sarnie]

Inkyfingers said:

Thanks for that, has put my mind at rest. Still not sure that it's right that insurance companies can run searches of any sort without your permission though.

I would assume that it would have been in the T&C's when you originally got a quote from them that they would do the same a renewal time. I wouldn't be happy about it though, I'd suggest getting in contact with the companies and advising them that you aren't happy and want to opt out of anything you agreed to in the past.

[Zyp]

Just had the same issue.

Insurance companies I searched with last year have accessed my credit file as renewal time is soon.
No doubt I'll be shortly getting emails from them telling me my renewal is due...