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Car Insurance - Good or bad?
Comments
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I'm with Hastings ATM - they definitely don't report.
Pay in one go and save yourself some money!
Have you checked your Equifax account rather that Experian?
Their website states:
How does the credit scoring process work?
By completing a quote you are confirming that you give permission for yourself as the account holder, or you have consent from the account holder, for us to pass the account details to a credit reference agency. They will add to their records details of the search, any credit agreement given and payment record under that agreement. These records will be seen and shared with other organisations and may be used by them to consider future applications for credit or credit services.0 -
Have you checked your Equifax account rather that Experian?
Their website states:
How does the credit scoring process work?
By completing a quote you are confirming that you give permission for yourself as the account holder, or you have consent from the account holder, for us to pass the account details to a credit reference agency. They will add to their records details of the search, any credit agreement given and payment record under that agreement. These records will be seen and shared with other organisations and may be used by them to consider future applications for credit or credit services.
I've checked all three, they definitely don't report.
Unless they removed the account when I paid it in full? Seems an odd thing to do though, rather than just showing it as settled!What will your verse be?
R.I.P Robin Williams.0 -
I used to pay my car insurance monthly however non have ever reported to the CRA's.
My advice is this, if you can afford to pay in full then this is the best way, by paying monthly they add a silly amount more to what is a silly amount they charge for car insurance anyway.
You would be better getting a sim only contract for about £5 a month let it report for 1 year to the CRA then terminate it, cost would be £60 for the year however you save considerably more by not paying motor insurance monthly.
That's just my view on it0 -
It won't have any affect on your credit file as you are not taking out any credit.
When paying monthly, you are receiving a loan for 12*monthly payments and pay this off monthly hence why is appears on your credit file.
car insurance (IME) doesn't appear on your credit file even when paid monthly.
Just pay in one lump.Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
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It is exceptionally rare for insurance to be reported to credit reference agencies, the only times I have heard of any doing is when bought through a small brokerage that uses a separate premium finance company for the loan.0
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