Free TransUnion credit score report from Tangerine | Page 2 | Tangerine Bank | Discussion forum

Dean said

Good question ⬆

I worked in the insurance business for a good number of years, as a Commercial Underwriter. I'll try to explain . . .

Insurance companies have always wanted to know what 'Type' of person/company they are about to insure (or are insuring). By adding your credit rating to their knowledge of you, they get a much better picture of 'Who' you are.

In short ... if you where an insurance company, would you want to insure a Financial Deadbeat?

Hope that helps,

Dean

  

I can see credit rating may matter when to comes to commercial / business insurance, but I fail to see how personal credit rating can impact insurance prem of my house. Are we saying some with a credit score of 600 vs my 800+ insuring the exact same house will pay a higher premium ?! All these years we were told the replacement value, the postal code / neighborhood is the driving factor, not the personal info of the insurer.

I don't have a Tangerine MC and I see a rabbit hole on the menu. See my screenshot.

From inside Tangerine, I am increasingly seeing links lead to outside Tangerine. They are building the pipelines to interconnect and to share information in the name of progress.

COIN said
My house insurance guy said a high credit score reduces your house insurance premiums. True? False? Maybe?  

A little off thread topic. FYI, I don't see any credit check from my insurer on my credit files. You should double check yours!

… We are entitled to our own credit files directly from the two credit bureaus for free.

cgouimet said

Actually no need for a TNG Credit Card.

I still don't see anything through the TNG App on my Android phone or tablet but via a browser, log into TNG. Go to the Menu (3 bars in upper left) and look for Credit Score. Signing up is quick simple (10 seconds or less) since TNG already have all the info needed to get your TransUnion score.  

Thanks, found it. I got 856

All the insurance companies don't check credit record. But, some of them will to offer a discount.

I've never seen a query from an insurance company on my TransUnion or Equifax file. So, none of the home or car insurers I've purchased policies from did.

The insurance companies don't need to check when they quote initially. They can do the credit record check when they actually underwrite and offer a lower final price.

savemoresaveoften said

I don’t think they check credit. Does not make sense they do. Otherwise every time u get an insurance quote, you will get a credit hit.
Imagine an insurance broker check rates for you and poll ALL the insurance companies they deal with !!  

It's a mixed bag ... some will, some don't.

As an example, mine (Intact Insurance) will, if I give them permission. And I'm 'Glad' they do, because my annual premium is Less because of it.

Dean

P.S.
For other reference, also see Posts #19 & #29.

HermanH said
What would be the point or motivation for the insurance company to check when they actually underwrite? Wouldn't the customer already have agreed to pay a higher price for the policy?

Marketing. Positive client experience.

My undestanding is that policy is not issued the moment the quote is accepted. So, the price can change once the client agrees to proceed further and the insurer starts the underwriting process and investigates further.

I've seen similar marketing practice on the west coast at some gas stations. One of my relatives pointed it out to me. Certain stations would often have a lower price at the pump than on the big sign in front of the station. The big sign is fully digital. So, it's not like the big sign cannot be updated at the same time the prices on the pump are.

Attention:
Equifax works from Chrome. My customer service calls solved my inability to recognize me as a customer from my other browsers. And then it works perfectly. Changing my info on their file took a lot of patience, and some info is impossible to change, like my office building work address being my PREVIOUS home address, or "my" phone number reported to them as mine by a fraud attempt (of which they know was fraudulent!), or an "active" account closed a decade ago, or my mother being my spouse, etc... Thus, some info I changed and some wrong info I just wrote down, to be able to "correctly" answer agent-assisted login questions from the credit file.
Transunion: No login for me, but I drive every so often (three, four years) to Hamilton to correct some incorrect info. The same lady behind the counter was very helpful with an attitude of "how can we solve this", and not "how can I get rid of you".

iotama said
After accepting the T&C on the Tangerine page, are you redirected to TansUnion website to view the score, or is it shown natively on the Tangerine website/app?

Thanks.  

You will remain on your online banking site. They linked it in such a way that will integrate the credit score/report onto the online banking platform. It appears as if the FIs want to offer this functionality on their online banking.