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Insurance and credit score

If you're shopping for a new homeowners or auto policy, it helps to know how you look to the insurers. A majority of insurance companies use credit scores to determine both eligibility and rating classification.

 

Many insurance companies link some behaviors and risks to credit scores. Some insurance companies, for example, use credit scores as part of a rating basis for homeowner's and auto insurance premiums. Some insurers only consider the credit score on the initial application for a policy; others pull your score every three years and re-evaluate the risk. . It is estimated that a low credit score could cost you between 10 and 50 percent more in auto and homeowner's insurance premiums.

 

Proponents say credit scoring accurately predicts the likelihood that groups of people will file a future claim for insured damages. They say a bad credit history indicates financial irresponsibility, which translates into irresponsible behavior in other areas.

 

May 11, 2007

 

  

  
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7/15/10

Figures provided by FICO Inc. show that 25.5 percent of consumers — nearly 43.4 million people — now have a credit score of 599 or below, marking them as poor risks for lenders. It's unlikely they will be able to get credit cards, auto loans or mortgages under the tighter lending standards banks now use.

 

 

7/17/09

A Home Loan Modification could affect your credit score depending on how far behind you are and the kind of mortgage loan modification you’ll be granted.

 

 

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Fair Isaac Corp., maker of the popular FICO credit score, is rolling out its new-and-improved scoring model, dubbed FICO 08, with Equifax.

 

 

5/19/09

Recently, many consumers have experienced their credit card company decreased their credit line. Card issuers are tightening the screws on consumers

 

 

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