Market Commentary
ICBC responds to Blog Posting
November 20, 2012 | Posted by: Francine Tracey
ICBC called me today in response to my posting about tickets and fines being reported to consumer credit bureaus. It seems the power of internet marketing does get the word around.
The ICBC Manager noted the following details:
ICBC customers who wish to pay their insurance monthly may go on a payment plan. Listed in the payment plan agreement is a statement regarding credit bureau reporting. Customers who miss payments on their payment plan will be reported to the credit bureau if their loan lapses and has not been paid within 60 days.
ICBC does not report unpaid speeding tickets to the credit bureau agencies. However, if a consumer accumulates more than 5 points per year there is a driver risk premium that must be paid on his/her birthday. The client is notified of these premiums 6 weeks before their birthday. Unpaid fines are subject to credit bureau reporting.
For any other questions regarding keeping your consumer credit bureaus clean and up to date, please call me. Most lenders are using beacon score as the number one rating for mortgages and loans these days, and it will affect your interest rate if your beacon score falls below a certain range.
To read more detail about ICBC’s Violations and Penalties please go to: