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In most states, your credit score can be used to calculate your car insurance premium. And insurers are taking advantage of that, with 92% of carriers adding your credit score to their insurance ...
The use of credit-based insurance scores in car insurance pricing has different results for every driver. If your credit rating is good to excellent, you’re likely to pay some of the lowest car ...
Car insurance is expensive for everyone these days, but drivers with poor credit are really struggling. ... For context, a low credit score is usually considered one between 350 and 579, while an ...
An insurance score – also called an insurance credit score – is a numerical point system based on select credit report characteristics. There is no direct relationship to financial credit scores used in lending decisions, as insurance scores are not intended to measure creditworthiness, but rather to predict risk .
Since credit scores aim to classify people, other markets have expanded its applicability for use as a screening or assessment tool. [10] Credit is no longer used just for financial products such as mortgage loans, but is increasingly being applied cross-institutionally for other services such as: car insurance [22] health insurance [15]
Credit scores are often used in determining prices for auto and homeowner's insurance. Starting in the 1990s, the national credit reporting agencies that generate credit scores have also been generating more specialized insurance scores, which insurance companies then use to rate the insurance risk of potential customers.
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