How Do Insurance Companies Use Credit Information? - CREDIT RIGHTS
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CREDIT RIGHTS: How do insurance companies use credit information?
Companies use credit in two ways, to underwrite and rate your insurance policy.
Underwriting - Underwriting is the process where an insurer gathers information about you and decides whether or not they will insure you. Illinois law allows an insurer to deny you a new policy, or to cancel or nonrenew your existing policy based solely on information obtained from your credit report, as long as the insurer offers coverage through an affiliate company, even if the coverages, terms, or conditions offered in the affiliate are different.
Rating - Rating is a process that determines how much you pay for insurance when an insurer places you into a specific rating "tier" or level, or places you with a specific company within their group of companies.
Some insurers use credit information along with other more traditional rating factors such as motor vehicle records and claims history. Other insurers use credit information as the sole factor in determining rates. Illinois law allows an insurer to base your renewal rates solely upon credit information, as long as they offer you coverage in another tier of the same insurer, even if the coverages, terms, or conditions offered in the other tier are different.
ADDITIONAL CREDIT RIGHTS RELATED FACTS
How Do I Know If An Insurance Company Is Using My Credit Information?Information The Creditor Can't UseWhat Can I Do If My Rights Under The FCRA Have Been Violated? Where Can I Complain?Denied Credit - What To Do?How Does An Investigative Consumer Report Differ From A Credit Report?Unresolved DisputeEqual Credit Opportunity Act| Find Credit Facts |
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