Why Do Insurance Companies Use Insurance Score?
Insurance companies want to have an impartial, precise means to determine the risk of insuring a particular business or individual. Insurance scores give them that by leveraging credit characteristics to determine how likely it is that future claims will be filed.
What If I Find An Error On My Credit Report?
If you notice a mistake on your credit report, contact the credit reporting agency right away. You will be able to contest the error, have it cleared, and have your insurance policy re-rated according to your improved score.
What Are My Rights With Insurance Scores?
Under the Fair Credit Reporting Act, you have access to a free credit report once a year from any nationwide consumers reporting agency. If you receive an adverse action notice from your insurance company, you can get this report to review it for errors and contest any you find.
How Do Customers Benefit From Insurance Scores?
If you have a high insurance score, you can get discounted insurance rates. In other words, you can use your insurance score to prove your financial responsibility and get the rate you deserve.
How Can I Improve My Insurance Score?
Improving your credit score improves your insurance score. You can build better credit by reviewing your credit report for errors, minimizing your debt-to-income ratio, paying your bills on time, and maintaining long-term credit lines.