If I don’t know my score, and my score varies from company to company and day to day, how will I know if my credit is affecting my insurance purchases?
The FCRA requires an insurance company to tell you if they have taken an “adverse action” against you, in whole or in part, because of your credit report information. If your company tells you that you have been adversely affected, they must also tell you the name of the national credit bureau that supplied the information so that you can get a free copy of your credit report. FCRA defines adverse action to include …a denial or cancellation of, an increase in any charge of, or a reduction or other adverse or unfavorable change in terms or coverage or amount of, any insurance existing or applied for, in connection with the underwriting of insurance…
Examples of an adverse action include:
– giving the consumer a limited coverage form
– not giving the consumer the best rate
– not giving the consumer a discount, or
– giving the consumer a surcharge
In addition, most state laws require insurers to provide clear and specific reasons...
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