Who can look at your Insurance Credit Score?

Another alternative credit score is an insurance score.  Just like a credit score, an insurance score is based on information contained in your credit report.  However, it is calculated differently.

The insurance industry uses your credit report to calculate an insurance score to help determine underwriting risk and sudden financial stress that might lead to insurance fraud.  As a result, this insurance score is used, in part, to determine your rates and detect possible claims fraud.

Many states prohibit the use of your credit report by the insurance industry for setting rates or fees.  Regardless, insurance companies are allowed to check your credit report and insurance score if you make a claim.

Who can look at your insurance score: insurance brokers, insurance underwriters and you.

Where allowed by law, insurance companies may use your credit report, and calculate your insurance score, when you apply for insurance.  They will check every time you apply for life insurance over $150,000.  They may check upon annual policy renewals and before a claim is paid.  The amount of a claim and the frequency of claims are major factors determining if an insurance company will check your insurance score, and examine your credit report, looking for possible fraud.

You are giving your permission for these checks with your initial insurance application.

You can view your insurance score by becoming a member of SmartCredit.com Whenever you update your credit report, all your credit scores are updated as well, including your insurance score.

Click here for more information on Insurance Scores >>

What can you do?

With identity theft the most common crime in America and errors on many credit reports, it is possible your insurance score could be artificially low resulting in higher rates or delayed payments on your claims.

You need to be proactive and use SmartCredit.com

Ensure all your credit scores are the best they can be.  Smart Credit’s patent-pending Action buttons communicate directly with your creditors for anything you need, including improving your insurance and credit scores.

It’s simple.  Just use Smart Credit’s innovative credit report and click on action buttons to talk directly with your creditors to get better interest rates or ask your creditor anything.  No need for phone calls, writing letters or looking up account numbers.  You can fix credit report errors, get goodwill corrections, recover from identity theft, replace a lost or stolen credit card or settle a debt all directly with their creditors.  It’s fast and effective!

Plus, Always Active Complete Protection gives Smart Credit members the most complete credit monitoring and identity protection available.  Having only one or the other is not enough.  It also includes our Mobile Rapid Response action button in alerts for the fastest way to stop identity theft.

David B. Coulter – Founder and C.E.O. of SmartCredit.com

Categorised in: Credit Report, Credit Score, Identity Theft, Improving Credit, Insurance, Money & Identity

This post was written by David B. Coulter