Posted On: January 19, 2007, 10:22 am CST

Posted By: Tiss

It should become law that when a business sells a person on opening a line of credit with them they advise them that doing so may adversely affect them. The number of finance companies and length of time accounts established are two of the top negative hits we see on preferred clients.

As an agent I would personally love to see someone go after Choicepoint. Did you know that our most affluent clients most often receive a hit against scoring most preferred because they can't score positive on Length of Credit History? Did you know there is no fix for this unless they have a 30 year loan on the credit file? According to Choicepoint the history can NOT go back more than 7-10 years if all the insured has are open revolving charge accounts and even if you have had a charge account 50 years the report will never show more than 7-10. Who is the victim here? The insurance company's for buying this flawed system or Choicepoint for selling them on it?