|Does shopping for insurance quotes affect your
The answer is no! A credit inquiry for a car, boat,
motorcycle and other vehicle types of insurance quotes will not affect
your credit score!
Shopping online with us for insurance quotes is
one of the the fastest and easiest ways to find rates.
Many insurance companies do check credit scores
when determining insurance rates. It is true that 3 big credit rating companies
have been known to use inquiries towards your credit report to impact your
credit score. Those queries that affect your credit score are queries for
obtaining credit NOT insurance quote inquiries that review your
credit Some may or may not use credit as a portion of your insurance
score. When our insurance agents pull up your credit report to find your
credit score, it results in an “inquiry” or soft pull on your credit.
NOTE: The Big 3 credit bureaus usually recognize
when you are shopping for insurance and either ignore multiple inquiries
or count them as only one inquiry if they occur within a specific period
Soft pull vs. Hard pull:
When it comes to credit checks, there are two types of inquiries: “hard
pulls” and “soft pulls.”
A soft pull is an inquiry that will review your
credit score, much like an agent would to determine an insurance quote.
Soft pulls are not usually recorded on your credit report. If they are,
the insurance company's name will be listed on your credit report, but
the inquiry will not lower your credit score.
A hard pull refers to credit inquiries for acquiring
credit, like a new house or car loan from a credit card company or a lender.
The company's request to obtain your credit-based insurance score will
be considered a “Hard inquiry or hard pull”. This means you will see the
lenders company name listed on your credit report, inquiries from credit
card companies, banks and other lenders may be considered “hard inquiries”
and could influence your credit score.
So do not hesitate to go online and seek multiple
insurance quotes in your quest to find more affordable insurance. Start