Will Having No Credit History Affect My Insurance Purchase? - CREDIT RIGHTS

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CREDIT RIGHTS: Will having no credit history affect my insurance purchase?


Possibly. Sometimes an insurer will find "no hits," "no score," or a "thin file," which means they cannot find a meaningful credit history for you. This lack of credit information could occur if you're young and haven't yet established a credit history, if you don't believe in using credit and have always paid in cash, or if you have recently become widowed or single and all of your previous credit information was in your spouse's name.

Illinois law prohibits an insurer from taking adverse action against you solely because you do not have a credit card account. In addition, if the insurer finds no meaningful credit information for you, Illinois law requires the company to do one of three things:
  • treat you as if you have 'neutral' credit information -- as defined by the insurer;
  • treat you as if you have other than 'neutral' credit information, as long as the company certifies to the Director of Insurance that such treatment is actuarially justified; or
  • exclude the use of credit information as a factor and use only other underwriting criteria. If you know that you have an established credit history, make sure your agent or insurance company is using your correct social security number, birth date, or other information to find your records.

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