How Do Insurance Companies Use Credit Information? - CREDIT RIGHTS
Free Credit Report Directory. Find free credit report providers, learn the importance of checking your free credit report annually
| Credit Fact Center |
| Homepage Bankruptcy Credit Bureaus Credit Cards Credit Fraud Credit Information Credit Rating Credit Repair Credit Report Credit Rights Credit Score Saving Tips |
| Did you recently check your credit score? Receive a FREE credit score when you check your free Credit Report! Check your credit report today, and find out about your credit score. |
| Free Online Credit Report and score |
You receive all this for free - no obligation
 Free Credit Report - easy-to-read with color graphics Free Credit Score - with personalized tip for making your score higher Free Debt & Income Analysis - examines your borrowing power Plus a free 30-day trial of Credit Monitoring Services
|
| Get your Free credit report! Click here |
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
Are Borrowers With Less Than Prime Credit Denied Credit?Learn What Your Credit File SaysCancelling A MortgageEstablish And Protect Your Credit - Protecting CreditProhibited InformationImmigrants And CreditIf You're Turned Down| Find Credit Facts |
Copyright 2005 - 2008 http://www.AskMrCredit.com. All rights reserved.