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A credit-based insurance score is important because insurance companies use it to determine the likelihood that you will file an insurance claim, which impacts your auto insurance premium in most ...
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 .
These credit-based insurance scores start with much of the same data … Continue reading → The post How Is an Insurance Score Calculated? appeared first on SmartAsset Blog.
Financial information of the business may be evaluated as well. The score range for the FICO SBSS score is 0–300. A higher score indicates less risk. Applications for SBA 7(a) loans for $350,000 or less will be prescreened using this score. A minimum score of 140 is needed to pass this prescreen, though most lenders require scores of 160 or more.
Credit scores usually range from 300 to 850 showing the customer's creditworthiness. A customer with a high credit score shows that they are creditworthy and banks will have no problem giving them a loan. If a customer has a low credit score then banks would be hesitant to give out a loan and if they do it might be with a higher interest rate.
And because insurance scoring systems vary between companies, it may be harder to interpret the significance of your insurance score compared to your credit score, which follows a more ...