Wednesday, October 28, 2009

Do state farm agents see my credit Report?

I just got a car insurance quote and with state farm they send it off and i sure hear by friday if everything checks out. My BF dad is the agent and i don%26#039;t like the fact he could have access to my personal information such as credit. On their site they say they do not but researching online i have seen other things. So do State Farm agents see my credit?

Do state farm agents see my credit Report?

Not exactly. Even a year or two, the agent would see your credit SCORE. It%26#039;s a number. They don%26#039;t get to see the actual credit report, but if the score was 700, it%26#039;s good, if it%26#039;s 200, it%26#039;s tanked.

But due to privacy laws and liability issues, companies stopped letting agents see this - they get the score internally, and then tell the agent (through a computer program) which rates you qualify for. Of course, if you qualify for the best rates, the agent knows you have good credit. If you don%26#039;t qualify at all due to credit, the agent knows you have bad credit.

So no, the agent NEVER saw the actual credit report, and now the agent can%26#039;t see the actual score, but based on the rating tier, will have a general idea about your credit.

They don%26#039;t need to give you anything in writing, unless you request it - they only need to give you a verbal sentence, %26quot;we%26#039;re checking records including mvr%26#039;s %26amp; credit for rating tier %26amp; eligibility%26quot;. And, of course, you gave them your date of birth %26amp; social, which they need to run the check.

Hope that helps.

Do state farm agents see my credit Report?

No. I used to work for a State Farm agent and I ran these reports in the process of giving auto insurance quotes.

They don%26#039;t see your actual credit report, SF%26#039;s internal system evaluates it behind the scenes and gives the agent a score...not your credit score, but SF%26#039;s own evaluation Risk Score to determine eligibility for coverage.

Do state farm agents see my credit Report?

In order for them to check your credit on a quote, they have to ask you if they can and/or have you sign something. Did you read everything you signed? Does any of it say anything about credit checks? If you choose to accept their service, this may involve a (or periodic) credit check(s), but not if they specifically advertise that they don%26#039;t check your credit.

Just go through another agent if you are uncomfortable.

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