Did you know that your credit information and your credit score may be used in determining if you can get automobile insurance and how much you will have to pay for that insurance? Many consumers are simply not aware of this practice, but it takes place everyday. This article examines some of the more common issues associated with this practice.
The first thing consumers should know is that there are state laws that govern the use and the collection of credit information. This article only examines the commonalities, not the specifics of each state.
To begin, you should know what an insurance score is. Your insurance score is a number that is calculated using the information on your credit report. Some insurance companies believe that credit information can be an indicator of future accidents or insurance claims.
It should be noted that each insurance company has its own means and methods for determining your insurance score as it pertains to their company. In other words, do not be surprised if various companies use various methods for coming up with their score.
Two factors that are commonly used in determining an insurance score are: Past...
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