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Old 05-27-2014, 08:23 AM
 
Location: Loudon, TN
5,815 posts, read 4,862,439 times
Reputation: 19538

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Quote:
Originally Posted by StressedOutNYer View Post
A question for those here with experience running credit checks for insurance companies: Can they do a "soft check" with only the last 4 digits of someone's SS number, rather than the entire number? This in order to provide a rate quote.

Having once gone through the nightmare that is identity theft, I'm extremely cautious (okay, paranoid, LOL) about giving out my SS#. For instance I don't give it to medical providers (and it irks me that Medicare will force me to... don't get me started...) and I certainly don't want to give it to every Tom, Dick and Harry insurance agent if I need to comparison-shop rates upon renewal of homeowners and auto insurance. I used to be able to get a rate quote without providing my SS# (realizing that if I do decide to go with a particular company, I will have to provide it; but we're talking the shop-around stage here) but over the past couple of years I'm finding that they are insisting on the entire number before running a quote.

So I'm wondering if they can do a soft check with only the last four digits? anyone know? (I did ask my current agent; she didn't know)
A report can be pulled based upon name, address, and birthday alone. The last four digits is just used to double check that they are looking at the right report. Many people have the same name.

When I worked for a company that sold items on credit, we found we could pull with very little data, we just might get multiple hits and have trouble differentiating between people with the same name, and in some large apartment complexes it's possible to have 2 people with the same name and same street address.
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Old 05-27-2014, 08:27 AM
 
Location: Loudon, TN
5,815 posts, read 4,862,439 times
Reputation: 19538
Freezing your credit doesn't mean you don't have a credit score, or that others can't check it. It simply means that until "unfrozen" by you, no one (not even you) can open any accounts or loans in your name. That's all it means, that's all it does.
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Old 05-27-2014, 10:45 AM
 
Location: East of the Mississippi and South of Bluegrass
4,460 posts, read 3,765,630 times
Reputation: 9621
Quote:
Originally Posted by TheShadow View Post
They don't ASK for your credit score, they pull it from the credit bureau (soft hit). It is used by virtually every insurance company.
Exactly!
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Old 05-27-2014, 01:58 PM
 
Location: Chicago area
14,444 posts, read 7,948,543 times
Reputation: 53591
What if your only source of credit for the last 20 years or so has been just your one credit card that is paid off every month? I stopped worrying about credit scores long long ago.
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Old 05-27-2014, 02:29 PM
 
Location: Backwoods of Maine
7,119 posts, read 8,170,642 times
Reputation: 18781
Good grief...how did we live 40 years ago, when nobody had any credit except for maybe a (small) mortgage? Using credit leads to something called "financialization" which is just a fancy way of saying, if you can finance it, the price of it will rise. Look at the price of cars nowadays -- they cost what a house would cost not so long ago! And still...there are people who remain on the credit treadmill, afraid of what life would be like if they couldn't get "credit". This is SAD.

Retirement for me means I paid cash for our 33 acres in Maine; it means that I got to build my own small ranch on that land without any type of mortgage or loan. It means I can walk into any dealership and pay cash for new wheels. Am I rich? No. I just don't spend any money. I'm not bogged down making monthly payments on anything. And I don't care what people think about the plaid pattern of my flannel shirts, which my wife finds at a steep discount. Why should I care about any of that?

I respect those who wish to maintain something (a great credit score) that they've worked to keep for many years. But I question the mindset that "you'd better keep that credit score up, because there's this, and this, and this to watch out for!". I don't play by those rules any more.

We all make our decisions in life. Many folks figure they still need to "keep up appearances" for the sake of family and friends, or maybe for their own sake, I don't know. Running around on a hamster wheel can be habit-forming, I guess. I prefer to live simply and spend my time and energies on the truly important things in life: my wife, my kids, my grandkids. Life is full of wonderful things, and that "new car smell" is one I can live without.
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Old 05-27-2014, 02:49 PM
 
Location: SoCal desert
8,093 posts, read 13,249,708 times
Reputation: 14870
Quote:
Originally Posted by TheShadow View Post
Freezing your credit doesn't mean you don't have a credit score, or that others can't check it. It simply means that until "unfrozen" by you, no one (not even you) can open any accounts or loans in your name. That's all it means, that's all it does.
I agree with the first part of that bolded first sentence, but not the second part.

Verizon could not check my credit until I unfroze it.

No biggie (just irritating) - since the reason I froze it in the first place is stated in your second sentence
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Old 05-27-2014, 03:23 PM
 
14,273 posts, read 24,029,111 times
Reputation: 20106
Quote:
Originally Posted by Nor'Eastah View Post
Good grief...how did we live 40 years ago, when nobody had any credit except for maybe a (small) mortgage? Using credit leads to something called "financialization" which is just a fancy way of saying, if you can finance it, the price of it will rise. Look at the price of cars nowadays -- they cost what a house would cost not so long ago! And still...there are people who remain on the credit treadmill, afraid of what life would be like if they couldn't get "credit". This is SAD..

You are NOT buying the same car. You are buying a car that has a number of safety features that did not exist thirty years ago. You have to deal with all of the government mandates on environmental, safety, and fuel requirements. There are vehicles that are much less expensive than American cars ... but their sale is illegal in the US.
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Old 05-27-2014, 03:48 PM
 
Location: Chesapeake Bay
6,048 posts, read 3,879,905 times
Reputation: 3502
Quote:
Originally Posted by Nor'Eastah View Post
Good grief...how did we live 40 years ago, when nobody had any credit except for maybe a (small) mortgage? Using credit leads to something called "financialization" which is just a fancy way of saying, if you can finance it, the price of it will rise. Look at the price of cars nowadays -- they cost what a house would cost not so long ago! And still...there are people who remain on the credit treadmill, afraid of what life would be like if they couldn't get "credit". This is SAD.
Well, I don't know about the sad part. I bought a new car last year after driving my old one for 14 years.

I could have paid cash for it but the 1.5% loan I was offered was too good to turn down. Maybe next year I'll get tired of making payments and just pay it off but so far I still like the rate.
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Old 05-27-2014, 04:11 PM
PDD
 
Location: The Sand Hills of NC
8,774 posts, read 14,894,200 times
Reputation: 11886
Quote:
Originally Posted by Nor'Eastah View Post
Good grief...how did we live 40 years ago, when nobody had any credit except for maybe a (small) mortgage? Using credit leads to something called "financialization" which is just a fancy way of saying, if you can finance it, the price of it will rise. Look at the price of cars nowadays -- they cost what a house would cost not so long ago! And still...there are people who remain on the credit treadmill, afraid of what life would be like if they couldn't get "credit". This is SAD.

Retirement for me means I paid cash for our 33 acres in Maine; it means that I got to build my own small ranch on that land without any type of mortgage or loan. It means I can walk into any dealership and pay cash for new wheels. Am I rich? No. I just don't spend any money. I'm not bogged down making monthly payments on anything. And I don't care what people think about the plaid pattern of my flannel shirts, which my wife finds at a steep discount. Why should I care about any of that?

I respect those who wish to maintain something (a great credit score) that they've worked to keep for many years. But I question the mindset that "you'd better keep that credit score up, because there's this, and this, and this to watch out for!". I don't play by those rules any more.

We all make our decisions in life. Many folks figure they still need to "keep up appearances" for the sake of family and friends, or maybe for their own sake, I don't know. Running around on a hamster wheel can be habit-forming, I guess. I prefer to live simply and spend my time and energies on the truly important things in life: my wife, my kids, my grandkids. Life is full of wonderful things, and that "new car smell" is one I can live without.
Good for you but can you imagine what kind of economy we would have if the majority paid cash for everything?

GM out of business
Ford out of business
Toyota out of business

Home Depot, there would not be a Home Depot or Lowes or Target or Walmart or the corner gas station.
Corner hardware store, none available
Local grocery store, nope they operate on credit too.

General contractors, they all operate on credit.
Home builders, they all buy on credit

The whole world revolves around credit and without it you would not be buying anything.
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Old 05-27-2014, 04:36 PM
 
Location: Great State of Texas
86,093 posts, read 72,598,790 times
Reputation: 27566
Quote:
Originally Posted by PDD View Post
Good for you but can you imagine what kind of economy we would have if the majority paid cash for everything?

GM out of business
Ford out of business
Toyota out of business

Home Depot, there would not be a Home Depot or Lowes or Target or Walmart or the corner gas station.
Corner hardware store, none available
Local grocery store, nope they operate on credit too.

General contractors, they all operate on credit.
Home builders, they all buy on credit

The whole world revolves around credit and without it you would not be buying anything.
Sad to say we actually had a thriving economy before easy money (credit) worked its way into everybody's hand. Now we have college graduates with $33K debt starting out in life. They can't afford a house/car or any big ticket purchases either.

Now the world evolves around credit because credit is easily available.
Just like the roaring 20's.
Then the crash.
And then back to living within your means.
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