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TrueCredit announces their Insurance Score Product


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http://www.truecredit.com/insurance

I swear...what are they going to create next to thicken the lining in their pockets? Unfortunately, so many consumers are duped into this "need" for scores until TC (along w/ other providers) feeds off of this urge - hence the creation of FAKO products. After being on this board for some time, members eventually learn that most scores out there (yes, even FICO) aren't even the scores that lenders (and now insurance companies) see.

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Fine. I bit (I'm only biting once, and only for curiosity):

tc-auto-home-ins-score.png

Direred, these factors are lowering your HOME insurance score:

* For all open finance company accounts reported within the past 12 months, your ratio of total balance to credit limit is moderately high (12% to 50%). It is important for you to manage your credit responsibly. Consumers who are nearing credit limits may be overextending themselves financially, signaling possible risk for businesses and impacting your insurance score.

I have no finance company accounts. WTF do they mean?

If you are interested in improving your score, consider monitoring how much available credit you are using. You should consider paying down existing debt before using more credit from these accounts. You should also use less credit and/or make higher payments toward existing loans to reduce the percentage. You should aim for a ratio of total balance to credit limit that is below 12%.

* Your oldest bank credit card account was opened within the past 8 years. Establishing a history of paying bills on time and using credit responsibly helps businesses gather a clear picture of your credit profile. It is important to build a record of responsible credit usage over time with different types of accounts. You may want to consider letting existing bank credit card accounts mature. Even if you don't use the account, you may want to keep the account open to have at least one longstanding account in your credit history.

My oldest bank credit card account is two years old. I closed all the other ones, and even my oldest wasn't 8 years old.

* You have a high number of open or closed bank installment accounts (3). A healthy credit history is a balanced credit history. Certain types of accounts have a more favorable impact on your insurance score than others. You should be aware of the impact different types of accounts have on your insurance score.

I have two consolidated student loans. One of these reports as two tradelines.

You should consider not opening new bank installment accounts, such as personal or auto loans.

* 1 bank credit card inquiry was made during the past 12 months. Inquiries are often linked to credit, loan, finance or other types of applications. Recent inquiries could possibly indicate that you may be entering into more debt, which is a potential risk for businesses.

Ahh, so they did pull TU. Not a surprise. Good thing they didn't pull EX.

If you are interested in improving your score, you should exercise moderation when applying for new credit. Every time you submit a new application for credit, an inquiry is added to your credit file.

Consider not applying for new bankcards for at least 24 months. Doing so may improve your score.

Direred, these factors are lowering your AUTO insurance score:

* Your ratio of the number of mortgage accounts to total accounts is low (less than 6%). This includes both open and closed accounts. A healthy credit history is a balanced credit history. Certain types of accounts have a more favorable impact on your insurance score than others. Mortgage accounts, typically, have a positive impact on your insurance score.

Never had a mortgage.

If you are interested in improving your score, consider monitoring the account types listed in your credit report and try to keep your credit profile as balanced as possible.

* Your ratio of total balance to credit limit for all open bank installment accounts reported within the past 12 months is high (greater than 84%). It is important for you to manage your credit responsibly. Consumers who are nearing credit limits may be overextending themselves financially. This could signal possible risk for businesses and impact your insurance score.

It wouldn't be 84% if it weren't for misreporting. It should be 69%, actually. But I'm not gonna whine.

If you are interested in improving your score, consider monitoring how much available credit you are using. You should consider paying down existing debt before using more credit from these accounts. Also, you should use less credit or make higher payments toward existing loans to reduce the percentage.

* A bank credit card inquiry was made during the past 12 months. Inquiries are often linked to credit, loan, finance or other types of applications. Recent inquiries could possibly indicate that you may be entering into more debt, which is a potential risk for businesses.

The horror!

If you are interested in improving your score, you should exercise moderation when applying for new credit. Every time you submit a new application for credit, an inquiry is added to your credit file.

Consider not applying for new bankcards for at least 24 months. Doing so may improve your score.

* You have some (15% or more of all open or closed) accounts that were opened within the last 18 months. You should be aware of the impact new accounts can have on your insurance score. Opening several new accounts in a short period of time can cause your credit to appear unstable because responsible use has not yet been established for the account.

I have fifty tradelines on TU. Of those, thirteen were opened in the last 18 months.

You should exercise moderation when applying for new credit. You should also allow time for new accounts to age to at least 18 months before applying for and opening new accounts.

Yes, mom.

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* Your ratio of the number of mortgage accounts to total accounts is low (less than 6%). This includes both open and closed accounts. A healthy credit history is a balanced credit history. Certain types of accounts have a more favorable impact on your insurance score than others. Mortgage accounts, typically, have a positive impact on your insurance score.

Never had a mortgage.

If you are interested in improving your score, consider monitoring the account types listed in your credit report and try to keep your credit profile as balanced as possible.

IOW, to improve your score, go buy a house. :lol:

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How dare a business attempt to make money!

I believe what Earth Angel is referring to is them coming up with new and exciting ways to part consumers from their money in exchange for scores that have no practical use. They mislead people into thinking they need these scores, or that these scores will be of some value to them when applying for something.

A FAKO is a FAKO, even if you throw "Insurance" on the name of it. They're banking on the fact that probably 95% of consumers don't know the difference.

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I believe what Earth Angel is referring to is them coming up with new and exciting ways to part consumers from their money in exchange for scores that have no practical use. They mislead people into thinking they need these scores, or that these scores will be of some value to them when applying for something.

A FAKO is a FAKO, even if you throw "Insurance" on the name of it. They're banking on the fact that probably 95% of consumers don't know the difference.

Thank you!

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I believe what Earth Angel is referring to is them coming up with new and exciting ways to part consumers from their money in exchange for scores that have no practical use. They mislead people into thinking they need these scores, or that these scores will be of some value to them when applying for something.

A FAKO is a FAKO, even if you throw "Insurance" on the name of it. They're banking on the fact that probably 95% of consumers don't know the difference.

Maybe the scores have no practical use, but I think the explanations of what the scores are based on are very valuable.

In addition, regular FICO scores don't always have a practical use, because lenders use their internal scoring systems.

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Maybe the scores have no practical use, but I think the explanations of what the scores are based on are very valuable.

In addition, regular FICO scores don't always have a practical use, because lenders use their internal scoring systems.

You know that, and I know that, but Joe Consumer doesn't. Joe Consumer thinks these are FICO scores. Joe Consumer is not told any different... he's strung along and his ignorance is exploited.

And these scores may or may not be based on the same factors as industry-specific FICOs. These scores are a repackaged FAKO dressed up as a new tool to help consumers. All they really do is cost money.

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It also shows that they did not use Choice Point. Choice Point has a record of all claims made by you or against you for both auto and home. Insurers use them because they will pull a soft against your CRA, check your credit in addition to the claims experience and driving history and give THAT score to the insurer.

TU leading you to believe that their 'insurance score' even remotely resembles the real insurance score borders on fraud!

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