Mooney1234
New Member
- 1
Will insurance companies hire an agent that has bad credit history?
Bad Credit
- Thread starter Mooney1234
- Start date
- 11,997
It depends on what you mean by bad credit, but generally the answer is yes.
What type of insurance company are you looking at? You may have trouble getting an advance, but absent an open bankruptcy you should be in good shape.
What type of insurance company are you looking at? You may have trouble getting an advance, but absent an open bankruptcy you should be in good shape.
johnsharp
Expert
It does depend on what company you go with but you can get appointments.
Are you selling Life, Health, etc. or P&C?
You'll find it easier to get appointed as an Independent with bad credit than Captive.
But, an open bankruptcy is probably a no go which ever way you decide to go.
One thing all of the companies don't like if there are Student Loans in collection. I've gotten partners in my Independent office that have bad credit and were fine.
Are you selling Life, Health, etc. or P&C?
You'll find it easier to get appointed as an Independent with bad credit than Captive.
But, an open bankruptcy is probably a no go which ever way you decide to go.
One thing all of the companies don't like if there are Student Loans in collection. I've gotten partners in my Independent office that have bad credit and were fine.
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Not so fast my friend.... It all depends on your upline... I have seen agents with BK's less than a few months open, that haven't been discharged yet and they got appointed and an advance... This goes for both Chapter 13 and Chapter 7.
I've gotten appointments without someone even looking at my credit. Others will deny you in a heartbeat because of that 30 day late a year and a half ago.
Life and health - not as much a problem with credit. Some carriers are still picky.
P&C - Usually much stricter, but some carriers will appoint you regardless.
Securities - Forget about it.
Dan
Life and health - not as much a problem with credit. Some carriers are still picky.
P&C - Usually much stricter, but some carriers will appoint you regardless.
Securities - Forget about it.
Dan
- 11,519
It also depends on what you mean by 'hire' and by whom.
I'll speak about the life insurance/financial planning carriers:
New York Life, MassMutual, Guardian & Northwestern Mutual - expect to provide plenty of explanations to your situation.
Ohio National also required an explanation, but it was more of a formality as I was an independent agent.
No one else has required anything else of me - including my current career agency.
I have never declared BK, but I have plenty of "issues".
With securities, it is possible to be licensed and hired by a B/D with issues. However, you may be under "heightened supervision" - a status I would NOT recommend as it would impact every other aspect of your business.
I'll speak about the life insurance/financial planning carriers:
New York Life, MassMutual, Guardian & Northwestern Mutual - expect to provide plenty of explanations to your situation.
Ohio National also required an explanation, but it was more of a formality as I was an independent agent.
No one else has required anything else of me - including my current career agency.
I have never declared BK, but I have plenty of "issues".
With securities, it is possible to be licensed and hired by a B/D with issues. However, you may be under "heightened supervision" - a status I would NOT recommend as it would impact every other aspect of your business.
Phillyinsuranceguy17
Expert
- 24
Agents I know have gone to www.apluscreditadvisors.com to fix there credit issues if getting appointed was a problem. Doesn't happen right away but I believe it takes 90-120 days or so. The number is 888-252-8860 ext 100. hope this helps
- 110
In my previous career as a district sales manager, we couldn't touch someone with poor credit. And, by poor, I mean not even one late payment in something like three years.
I can appreciate the reasoning: someone with poor credit history is more likely to commit a fraudulent act. But, in today's world, it certainly limits your candidate pool.
Take me for example. I'm proud and thankful to have a very good score, (around 800). But, last Fall, I accidentally used a card at Best Buy for a $30 charge. Since I never used the card, I never looked at the statement. (My fault, I know.) The next thing I know, I'm getting some dude from India calling me to collect. It took a lot of work to get it erased, but certainly worth it. Had I not got it erased, I would not have fallen into my own company's bucket of eligible candidates.
In the captive world, credit is heavily looked at. They're huge on protecting their brand.
P.S.
I worked for AM Fam.
I can appreciate the reasoning: someone with poor credit history is more likely to commit a fraudulent act. But, in today's world, it certainly limits your candidate pool.
Take me for example. I'm proud and thankful to have a very good score, (around 800). But, last Fall, I accidentally used a card at Best Buy for a $30 charge. Since I never used the card, I never looked at the statement. (My fault, I know.) The next thing I know, I'm getting some dude from India calling me to collect. It took a lot of work to get it erased, but certainly worth it. Had I not got it erased, I would not have fallen into my own company's bucket of eligible candidates.
In the captive world, credit is heavily looked at. They're huge on protecting their brand.
P.S.
I worked for AM Fam.
