Credit Repair Kit For Dummies by Steve Bucci

Author:Steve Bucci
Language: eng
Format: epub, pdf
ISBN: 9781118821572
Publisher: Wiley
Published: 2014-02-27T05:33:24+00:00

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Unveiling the Relationship between Your Credit and Your Insurance Premiums

Credit plays a significant role when you’re looking for car insurance, renter’s insurance, or homeowner’s insurance. A thin credit file, inaccuracies in your credit reports, or just plain bad credit can hurt your chances for coverage, and insurance will likely cost you a small bundle. Perhaps you already have blemished credit and think that being charged more for insurance before a fender’s ever dented or a window’s ever broken just adds insult to injury. Well, the Federal Trade Commission (FTC) agreed that this situation might be unfair (or worse, a proxy for discrimination aimed at overcharging policyholders). So it did some investigating and issued a congressionally mandated report examining credit-based insurance scores (www.ftc.gov/opa/2007/07/facta.shtm). The good news and the bad news is that these scores really do predict claim experience and often result in lower prices for people who are better risks — as in people who are smart about their credit. The FTC also found that credit scores have virtually no discriminatory bias.

But just what is a credit-based insurance score? And how can you get your hands on your score? This section not only answers these questions but also reveals what you can do to make sure you get the best insurance rate you can.

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