Insurance Quotes on Credit Report

aldredd

Hello people - hope this is the right area for my question.

I've recently been looking at my credit report as I try to get a hold of my finances - by and large things are better than I thought they were, which is great.

One thing that struck me was where several insurance quotations were listed on my Credit Report.

All the entries are from the same comany, but with differing dates, which would be right, as I've ran various quotes as I try to find the best / most affordable car.

So my 1st Question, is this common practice - for an insurer to check your credit report (and leaving an entry) even if I don't take my insurance out with them?

My 2nd Question, is what impact could this have on my overall credit score? Do potential creditors take these into account?

Thanks for your help!

huckster

aldredd wrote: »

So my 1st Question, is this common practice - for an insurer to check your credit report (and leaving an entry) even if I don't take my insurance out with them?

My 2nd Question, is what impact could this have on my overall credit score? Do potential creditors take these into account?

1) Yes fairly common practice. If you get a quote directly with companies or via comparison sites, they will do a basic quotation search check. The RBS Insurance companies e.g. DL, Churchill do this, as do More Than.

2) Has no bearing on credit record or rating. Only you can see search, any potential creditors or employers would not be able to see. If you want to read more, on the DL site, if you visit the part where you can ask questions, there is loads of info about this.

Astaroth

It is getting increasingly common, RSA started it, RBS followed not long after etc. It is used as a rating factor as if you have a poor credit rating you likely have financial challenges and are therefore more likely to put in a fraudulent claim.

Credit scoring in general is getting more common because of the above reason which increasingly includes insurers, employers etc

They are not supposed to impact your credit scoring at all. I have to admit that when it was rolled out with a former employer Experian would only confirm that it shouldn't impact it and never put it in writing that it absolutely 100% wouldnt even if someone got a couple of hundred of them.

aldredd

Thanks for the information Huckster & Astaroth - it's put my mind at ease about it a bit!

rudekid48

"Unrecorded enquiries, quotations, identity verification checks and credit report

applications are shown for you on your copy of your report but are not seen by lenders."

This is from the "Previous Searches" section of an Experian credit report.

Insurance quotations do not effect your credit score.

aldredd

Thanks rudekid48 - just seen that! I should probably have looked harder :-)