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Your Credit Score Affects Your Insurance
Most insurance companies use many factors
to price your insurance, including driving
record, claims history, the type of home or
vehicle you own, and your credit-based
insurance score ("CBIS").
Credit scores are based on an analysis of an
individual's credit history. Insurers often
generate a numerical ranking based on a
person's credit history, known as an "CBIS",
to measures your likelihood of having an
insurance claim to charge a premium equal to
the risk they are assuming. |
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The Fair Credit Reporting Act (FCRA)
requires each of the nationwide consumer
reporting companies - Equifax, Experian, and
TransUnion - to provide a free copy of
credit report once every year at your
request.
You can also order free annual credit
reports from AnnualCreditReport.com. |
