Insurance and Your Credit Score

Learn More about How a Credit History Impacts Insurance Premiums

© Lisa Nichols

Credit Scores and Insurance, LotusHead

Learn more about how your credit score impacts your ability to get insurance. A poor credit score may mean higher insurance premiums or getting denied for insurance.

Your credit score can significantly impact your ability to get insurance and the cost of insurance, too. Your credit score is a measurement of your credit history in numeric form. Insurance companies use your credit score to help determine your eligibility for a policy, the types of coverage you can have and also to decide how much you should pay for insurance premiums. Insurance companies do not need your permission to run your credit report.

Insurance companies think that people with problem credit are more likely to file insurance claims. According to insurance companies, people who are likely to file claims should pay more for insurance, get reduced insurance coverage or be denied for insurance. What you need to know about your credit score when you’re trying to get insurance or reduce your insurance premium:

What You Can Do to Improve Your Credit Score

There are things you can do to improve your credit score. Get these items cleaned up and removed from your credit history and you’ll stand a better chance of getting affordable insurance premiums:

Your credit score can greatly impact your ability to get insurance or the price you pay for insurance premiums. And, if the insurance company runs your credit report upon policy renewal, they may decide to non-renew your insurance policy or raise your rates if your credit score hasn’t improved.

You’re entitled to a free credit report every year. Visit annualcreditreport.com to order your free credit report. And learn more about saving money on your insurance including how to save money on homeowner’s insurance, finding auto insurance discounts and finding medical debt help.

Talk back with a writer- tell Lisa Nichols about your experiences with insurance and your credit score


The copyright of the article Insurance and Your Credit Score in Insurance is owned by Lisa Nichols . Permission to republish Insurance and Your Credit Score must be granted by the author in writing.


Credit Scores and Insurance, LotusHead
       


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