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What is an insurance credit score?

Aug 7, 2017
What is an Insurance Bureau Score and what is it used for? An Insurance Bureau Score is derived from a variety of applicant information including a consumer credit score taken from major credit bureaus. Information used for scoring includes outstanding debt, length of credit history, late payments, collections and bankruptcy, new credit applications and more. While insurance bureau scoring does take into account consumer credit information, it is different than a consumer credit report and many factors impact the score.
 
The Insurance Bureau Score helps many insurance companies, in evaluating new policies. Many companies uses the score as a consistent, accurate and unbiased source of information to better calculate a customer’s premium and give them the best rate for the coverage they need.

What can I do to improve my credit score? Basic steps to improving your credit score include: paying bills on time, keeping balances low on revolving credit (such as credit cards) and applying for new credit only as needed. Credit scores can increase over time by using credit responsibility.
If you haven’t checked your credit report within the last year, request a copy to review and check for any inaccuracies that may negatively affect your score.

What if my credit score results in denied insurance? Most companies, poor credit alone will not result in a denied application.
 
But if consumer credit information plays a role in our decision about your insurance policy, we will provide you with the name of the credit bureau that provided the information.  If you find any errors in your report and have them fixed, most carriers may rerun the application.

Where can I find out my scores? Your credit score is available through several major credit bureaus. It’s a good idea to check your credit report once annually to catch and correct inaccuracies. You can purchase a 3 in 1 report to review your scores from all three major credit bureaus – Equifax®, ExperianTM, and TransUnion®. Federal law requires each credit agency to provide you with one report per year, free of charge. 
 
To order, visit: www.experian.com www.equifax.com    www.transunion.com www.myfico.com
 
Insurance Bureau scores however, are only available through insurance companies. Your insurance company or its agent can tell you the main reasons behind your Insurance Bureau Score.

 
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