It is widely known that insurance companies use factors such as your age, sex, and marital status to determine how much you are going to pay for your homeowner’s and auto insurance. What you may not know is that your insurance company is most likely using information found in your credit report as well. In fact, the single biggest factor in your premium is usually what the insurance industry refers to as your insurance score, and that insurance score is calculated from information found in your credit report. Your insurance score is not tied to your credit score. You can’t always be sure that your insurance score is good just because you have a good credit score or because you’ve not had any obvious negative information on your credit report such as a late payment.
Even though more than 90% of insurance companies use an insurance score in some way, most people are completely unaware that its affecting them. The reason that most people arent aware of this is because the insurance companies have not made this public information. The practice is as controversial as it is effective. Insurance companies have made millions of extra dollars by using this...
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