Hard or soft credit pull for auto insurance quote?

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paparoach429
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Hard or soft credit pull for auto insurance quote?

Postby paparoach429 » Wed Nov 14, 2012 12:00 am

As the title says, when I recieved a quote for insurance through Progressive they said they pull credit information. Would this be a hard or soft pull?


trumpet-205
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Postby trumpet-205 » Wed Nov 14, 2012 12:07 am

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Daniel
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Postby Daniel » Wed Nov 14, 2012 11:22 am

Insurance Quotes are soft pulls. If you find one that gives you a hard pull let everyone know because that should never happen. They don't have an acceptable use argument for a hard pull.

Does anyone know what bureau Progressive pulls from? A few pull from Lexis Nexis consumer reports, do any actually pull from the three bureaus?


trumpet-205
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Postby trumpet-205 » Wed Nov 14, 2012 11:56 am

Daniel wrote:Insurance Quotes are soft pulls. If you find one that gives you a hard pull let everyone know because that should never happen. They don't have an acceptable use argument for a hard pull.


Unfortunately there is no law that prohibts hard pull. When you sign up for utility or phone service some do HP you, and there is nothing you can do about it.
In My Wallet:
Citi Forward (12/2010) | Citi TY Preferred (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)

Daniel
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Postby Daniel » Wed Nov 14, 2012 2:23 pm

There are laws that govern for what reason a party can hard pull your credit, it is called the FCRA. 15 USC § 1681b - Permissible purposes of consumer reports | LII / Legal Information Institute
It says that only with a permissible purpose can a hard pull be made on your credit, and you have to be notified of the intent to pull credit. There is a path to recourse for a consumer that feels a non permissible purpose was used to obtain a hard pull dataset, it involves written documentation of non permissive use or purpose and a reasonable time frame for the entity to comply. But I doubt most people will do any of this.

I don't personally like companies using a hard pull when not necessary, things like non prepaid utilities, such as cell phone plans, might necessitate a hard pull as they are being asked to extend credit on at least your billing amount, not to mention if you get a phone with the 2 year discounted price.

trumpet-205
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Postby trumpet-205 » Fri Nov 16, 2012 10:59 am

If you bother to read the term on utility, cell phone, credit card, etc all will say by using their service you agreed to give them permission on pulling your credit report.

Which is why I say they can HP you whatever they want.
In My Wallet:
Citi Forward (12/2010) | Citi TY Preferred (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)

Daniel
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Postby Daniel » Fri Nov 16, 2012 4:29 pm

trumpet-205 wrote:If you bother to read the term on utility, cell phone, credit card, etc all will say by using their service you agreed to give them permission on pulling your credit report.

Which is why I say they can HP you whatever they want.


I agree that the term allows them to do so with permission, and I think we are both arguing the same direction on this point. I am just saying that if one of these groups that doesn't provide credit (vs a mobile phone contract, or companies that do) uses a hard pull it should be possible to have them remove it. Though I think it would take some amount of work.

I wonder how receptive politicians would be to modifying the bill to restrict hard pulls to specific activities? Of course we would need a large special interest group so we can pay them to vote our way of course :)



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