Insurance Searches

hanfrangipane

Hi everyone,




Just wondering what the impact of these searches are? I don't use credit for my insurance as I pay it upfront each year, but on my Noddle report I have loads of searches which are noted as either General Insurance or Quotation Search.


These are clearly generated by the market comparison sites that I used last year for my quote and which I'll need to do again shortly. Do they have any impact ie with mortgage applications etc? Obviously every has to do them so it seems a bit unfair to penalise for it!


Thanks
Han

Gerry87

Only you can see these searches, companies looking at your file won't see them. They will have no impact when applying for a mortgage.

thebritishbloke

Gerry87 wrote: »

Only you can see these searches, companies looking at your file won't see them. They will have no impact when applying for a mortgage.

Lenders can actually see Quotation Searches etc, but they usually brush them off as irrelevant to your application.

stclair

thebritishbloke wrote: »

Lenders can actually see Quotation Searches etc, but they usually brush them off as irrelevant to your application.

Can they?..... How are the searches differentiated?

jay1181

I was wondering the same thing. I called Equifax last week and was told banks and the like DON'T see the insurance searches as they are classed the same as myself ordering a report, which shows up as a non credit inquiry. If they do see these searches Equifax really need to up their game re the info that they give out.

stclair

jay1181 wrote: »

I was wondering the same thing. I called Equifax last week and was told banks and the like DON'T see the insurance searches as they are classed the same as myself ordering a report, which shows up as a non credit inquiry. If they do see these searches Equifax really need to up their game re the info that they give out.

Personally I don't believe they see the searches.

I use experian in my job and the searches are just shown as a number!

GingerBob_3

On ProtectMyId Experian state the searches aren't seen by lenders, but who really knows the truth? And what does "shown as a number" actually mean? Could you show us a screen shot?

Also of concern, when insurance companies carry out a quotation search what do they see? Experian are vague on this point.

stclair

The CAPS - Credit Application Previous Search.

Shows as numbers of searches within last 0-3 months 2 for example.

I wouldn't be able to do a screen shot I'm sorry id be strung up lol

hanfrangipane

Thanks for the replies guys!

Would seem that we're not all that further forward - all seems a bit ambiguous really.

When I initially requested my file and saw all the searches I was really surprised as I didn't recall giving permission for one to take place. However, whenever you apply for actual credit I always recall there being express wording that a credit search would be performed.

They're clearly different things but it would be good if there were some more defined guidance on this kind of thing.

My last 'real' credit application was 2012, then after that it is just many insurance searches and one employment ID check.

I'm all for mortgage lenders being more responsible but I do feel that to a certain extent it's making people scared to just live their lives for fear of one little slip up - you find yourself overthinking all these normal things!

GingerBob_3

stclair wrote: »

The CAPS - Credit Application Previous Search.

Shows as numbers of searches within last 0-3 months 2 for example.

I wouldn't be able to do a screen shot I'm sorry id be strung up lol

Presumably though, insurance quote searches and the like are not included under the banner of "credit application"?

GingerBob_3

hanfrangipane wrote: »

I'm all for mortgage lenders being more responsible but I do feel that to a certain extent it's making people scared to just live their lives for fear of one little slip up - you find yourself overthinking all these normal things!

Precisely.