Posted: 3/25/2004 7:55:56 PM EDT
| WTH is up with car insurance companies needing a SSN for a credit check? |
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Big difference between "Need" and "Want"! Although ANYONE can get anyone else's SSN for ~$20, I don't think it is very smart to give it to every Tom, Dick & Harry that asks for it . . . and these days almost everyone "insists upon it" and most sheeple just calmly give out this info along with almost anything else they are asked. With just your SSN and DOB, someone can easily steal your identity . . . it is done all the time and rarely prosecuted. I make a policy of REFUSING the SSN to anyone who is not paying me taxable income (bank accounts, employers, tax authorities). I am adamant about it and usually will get them to back down. I am also always prepared to "walk away" rather than comply with giving out "private info". With your SSN, they can also easily get your medical history and decide that they would rather not insure someone with "x" condition/disease . . . may not be an issue at age 25 but often times can be an issue at age 55! They can always do a credit check with name, address, phone number and DOB so SSN is just a "crutch" to them, and not really required. |
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My insurance guy said that your credit history is a better indicator of potential future claims than your driving record. Seems odd at first, but it does make sense. If you are deep in debt, and owe $25,000 on a car worth $15,000 because you did the 7 year loan option, how careful would you be about leaving your keys in your car while parked in a bad area of town? Or "accidentally" forgetting to set the emergency brake after parking at the top of a hill? For me, this system seems to work. After the large number of speeding tickets I've accumulated over many years, my rates have never gone up. |
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Quoted: My insurance guy said that your credit history is a better indicator of potential future claims than your driving record. Seems odd at first, but it does make sense. If you are deep in debt, and owe $25,000 on a car worth $15,000 because you did the 7 year loan option, how careful would you be about leaving your keys in your car while parked in a bad area of town? Or "accidentally" forgetting to set the emergency brake after parking at the top of a hill? For me, this system seems to work. After the large number of speeding tickets I've accumulated over many years, my rates have never gone up. Interesting, I might should go and have everything requoted on my policy. I have been told by loan officer at the bank and the bail-bondsman I have excellent credit and I dont owe anything right now. |
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Quoted: WTH is up with car insurance companies needing a SSN for a credit check? All credit checks require SSN... At least in my experience (as the one doing the credit checking), if you don't give it, they will decline service... Even to get a cell phone... Don't give SSN -> No Phone for You! WTF is this with people being so paranoid about identifying themselves??? |
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I worked in a credit dept for a few years. It's certainly possible to pull a credit report on someone without a SSN, but not as accurate, especially if your name is common. The SSN is the one thing that is supposedly unique about each person, so it's pretty hard to get the wrong report when using it. |
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SCREW EM.... The Ins. companies here in Oklahoma have started to do that, base your rateon your credit.... I got pissed as all hell, I called my agent and told them I am not borrowing money from you, I am paying you for a service, my credit, which is spotless, has nothing to do with my insurance... Needless to say, I am looking for another company... |