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FlyboyAgain

MORE TH>N policy of checking credit file during tele-quote

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Here's something to watch out for and I'd be interested to hear of anyone's opinions - site team included - on this.

 

Way back in late April, my car insurance quote came in from RAC. I've always had a good relationship with them but decided just to test the market waters, as it were, and a phone call to MORE TH>N proved to be a bit of a jolt that morning.

 

I hadn't gone 30 seconds into the questionnaire rattled off by the agent when she suddenly changed tack and informed me that MORE TH>N would make an approach to view my credit file prior to a premium being offered. No way, I said, and forbade her to do so. End of telephone call.

 

This annoyed me so much. Bascially, what she was saying was that - and let's not split hairs here - people with adverse credit ratings (like me) would be liable to a higher premium than a person of the same age, same car, same house and location and no claims discount who has a good credit rating. ISn't that what's being implied?

 

I have contacted them asking to refute or clarify this yet they have chosen to ignore me. I don't think this is fair as I am not asking for credit. The FOS say they can't intervene and I am now waiting on the FSA getting back to me. There's something downright nasty and rotten about this and if the FSA can't intervene, who can and if no-one can where will it end?

Edited by FlyboyAgain
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To my mind a credit search should only be applied for if you are asking for credit, because that gives an indication of how trustworthy someone is at paying back a loan.

 

If you intend to pay for your insurance in full and up front then there is no need whatsoever to run a credit search, and in any event adverse credit information should not have an impact on your premiums because premiums are based on the risk you are insuring.

 

Mossy

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RBS & CIC underwritten brands do this as the norm now,they run the check as they waffle as there wouldnt be any point at the end of 15-20 min quote call to say Sorry no instalment payment for you. Alledgedly it is not supposed to leave any details of a search on your credit score etc.

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.

 

If you intend to pay for your insurance in full and up front then there is no need whatsoever to run a credit search, and in any event adverse credit information should not have an impact on your premiums because premiums are based on the risk you are insuring.

 

Mossy

 

My sentiments exactly.

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RBS & CIC underwritten brands do this as the norm now,they run the check as they waffle as there wouldnt be any point at the end of 15-20 min quote call to say Sorry no instalment payment for you. Alledgedly it is not supposed to leave any details of a search on your credit score etc.

 

Thanks for that, cos that explains that woman's behaviour right down to a T. I now reckon, because of the sudden way she halted me and changed tack, that she was alreday running that check and had forgotten to inform me. That also explains MORE TH>N's complete silence over the emails I have sent to them.

 

Have reported them to FSA and am now going to SAR them and get CFs from Equifax and Experian. Any other advice/incidents, please post.

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This annoyed me so much. Bascially, what she was saying was that - and let's not split hairs here - people with adverse credit ratings (like me) would be liable to a higher premium than a person of the same age, same car, same house and location and no claims discount who has a good credit rating. ISn't that what's being implied?

 

It has been demonstrated that people with a poor credit rating are riskier to insure and therefore should have higher premiums. It's the one and only demonstrable rating factor that I hate - and sadly all insurance companies are going this way.

 

At the moment they are trying to butter it up by applying the credit check to cover the loan they give you to pay monthly. This is kinda a valid thing for them to do as monthly installments are not you paying your insurance monthly, it is your insurer giving you a loan to pay your full premium and then you paying that loan back.

 

The sad thing is that once they have this information it can be used in other more nefarious ways. That is why they do it at the start of the call - if they did it AFTER you got your quote it would be too late for them to alter your quote because of it. The installment thing is just a cover - as Mossy said if you were going to pay it in one go why does a credit check need to be performed? Actually on that note some insurance products will charge you up to 10% extra if you pay monthly rather than annually as people who pay monthly are higher risk... you can probably see where that one is going.

 

And it's all based on one principle - the richer you are the less likely you will claim for something.

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I usually pay mine in one hit and I have never thought of car insurance by installments as being a loan as you are not borrowing a sum of money. I just think it's grossly unfair and how do you know if you do pay it off in one hit that that a charge wasn't levied against you?

 

Just when I thought I was getting somewhere, hitting the banks where it hurts, this comes along.

 

I'll be even more wary, next year!

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just to be fair to RBS & CIC they do say in their call scripts that they search credit reference agencies, same as they search CUE (claims underwriting exchange)for recorded claims etc.

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just to be fair to RBS & CIC they do say in their call scripts that they search credit reference agencies, same as they search CUE (claims underwriting exchange)for recorded claims etc.

 

Why are you apologising on their behalf?

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.. and what is this 'call script' you mention? CAn you provide links to examples of this? I'm really interested, now that you have mentioned it.

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.. and what is this 'call script' you mention? CAn you provide links to examples of this? I'm really interested, now that you have mentioned it.

 

The call script is what is displayed on the agent's screen in the call centre.

 

It is the wording that they use as they work through the call and can change dependant on inputs during the call.

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The call script is what is displayed on the agent's screen in the call centre.

 

It is the wording that they use as they work through the call and can change dependant on inputs during the call.

 

Thanks for that. Interesting. I was only 30 seconds or so into that call when she changed tack. Hadn't not long got past our names and address and hadn't been asked anything lese before she mentioned the CF approach. That is what leads me to belive that she had already, without approval, accessed data about me. There is no other explanation.

 

They are now a subject of a SARs request; let's see what happens with that.

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