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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.
Insurance and credit score data. The average credit score is 716. (Average credit scores by state) 47 percent of credit cardholders carry debt from month to month.
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 ...
Auto and home insurance companies use your credit report to calculate an insurance score that, along with information including your claims history, decides how much you'll pay for coverage. These ...
Lenders contend that widespread use of credit scores has made credit more widely available and less expensive for many consumers. [2] [3] Under the Dodd-Frank Act passed in 2010, a consumer is entitled to receive a free report of the specific credit score used if they are denied a loan, credit card or insurance due to their credit score. [4]
Under the Wall Street reform bill passed on 22 July 2010, a consumer is entitled to receive a free credit score if they are denied a loan or insurance due to their credit score. [37] In the United States, the median generic FICO score was 723 in 2006 [38] and 711 in 2011. [39]