No Hit Credit History?

Jul 13, 2015

  1. mikekaleny

    mikekaleny New Member

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    I've had a few instances where I accidentaly misspelled the clients name and the credit came up as a no hit.

    For example if the policy price would come up at $1000 with a no hit, and when I would fix the name, the policy price would increase (sometimes by over a thousand dollars).

    My question is; what would happened if I bind the policy with the incorrect name? What would happen if I later change the name to the correct spelling? Would the company run the credit check again and raise the price?

    Reason I am asking is because I signed my first client today with a permit and she received an excellent price for full coverage and I knew something was off. Turns the dealer spelled her name incorrectly on the fax he sent me. Now I'm afraid her premium will go up since I had no choice but to send an endorsement to get it fixed.
  2. djs

    djs Super Moderator Moderator

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    Did you re-quote it with the right name (and SSN)? Did the premium change?

    If its within the discovery period of the policy, then yes, they will change the premium (up, down, sideways), if its outside, they may wait till the renewal, though this is something that probably qualifies as a significant and material change, allowing them to re-rate it regardless.

    My advice moving forward --- true no hits are pretty rare when binding a policy. If you get a no hit, know why. Just moved? Just got married / divorced and changed names? Of course, some people actually have no credit so it happens.

    djs, Jul 14, 2015
  3. Heather

    Heather Guru

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    New York
    Depends on the company.

    Had this happen with a foreign person, they did not care that the car dealer spelled their name wrong. They told me to leave it incorrect so it would match the title and registration so I did. This was a no hit. At renewal a year later underwriting noted the name difference and updated it, no longer a no hit and rates up nearly 1k. But they had the good rate for the year since I let it be.

    Now Titan was different had a no hit, lady just divorced changed her name recently. Two weeks later Titan raised her rate by almost double. She was more than pissed at me but could not do anything about other than moved her to a different carrier.
    Heather, Jul 14, 2015