Insurance companies are increasingly using auto insurance credit reports to determine auto insurance ratings. The credit scoring system classifies consumers as preferred, average or high-risk class, and this can impact what rate an insurance company charges you.
Where you live determines what information companies can gather and how the information can be used. In states where it is allowed, insurance companies plug basic credit information (such as bankruptcies, missed payments, the number of cards you have and how much activity they see) into formulas that also take into account your accident history, years you have been driving, geographical factors for where you live, your age, gender, and assorted other relevant facts about you.
Make sure and contact Wendy Austin (wendyins@aol.com) to find out the latest.
Best Regards.
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