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Rather, they use your credit score to help calculate your credit-based insurance score, a score introduced by the Fair Isaac Corporation (FICO) in the 1990s to predict how responsible of a driver ...
What are credit-based insurance scores? As noted, car insurance companies often use your insurance score to quickly and easily identify the level of risk you might present as a policyholder. In ...
A low insurance score may be the result of several factors. As your credit-based insurance score is based on most of the same factors as your credit score, this is a good place to start. If you ...
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.
The insurance premium a motor vehicle owner pays is usually determined by a variety of factors including the type of covered vehicle, marital status, credit score, whether the driver rents or owns a home, the age and gender of any covered drivers, their driving history, and the location where the vehicle is primarily driven and stored.
2004 study found the median credit score for whites in 2001 was 738, but the median credit score for African Americans was 676 and for Hispanics was 670. [36] 2004 research study found fewer than 40% of consumers who lived in high-Black Indigenous and people of color [BIPOC] neighborhoods had credit scores of over 701. [37]