{"id":4682,"date":"2019-11-20T05:50:47","date_gmt":"2019-11-20T05:50:47","guid":{"rendered":"https:\/\/469899a3-97a5-4c9b-8d86-b9629724411a.cc10.conves.io\/?p=4682"},"modified":"2019-11-20T05:50:47","modified_gmt":"2019-11-20T05:50:47","slug":"what-is-the-big-deal-about-credit-ratings-and-insurance-scores","status":"publish","type":"post","link":"https:\/\/swflinsurance.com\/what-is-the-big-deal-about-credit-ratings-and-insurance-scores\/","title":{"rendered":"What is the Big Deal about Credit Ratings and Insurance Scores?"},"content":{"rendered":"<p>A big factor in determining the premium of a personal auto policy has nothing to do with a person\u2019s driving record\u2014it\u2019s his or her credit record. According to Conning and Company, more than 90 percent of insurers use an applicant\u2019s credit history\u2014his or her insurance risk score\u2014to slot him or her into a certain program. When a person applies for auto insurance, the insurance company asks for permission to pull his or her credit information. The insurer then secures a credit report from one or more of the credit bureaus\u2014TransUnion; Experian; or Equifax. For more information on credit reports or to secure a copy of your own report, go to http:\/\/www.credit.com. Credit scores range from 300 to 850. If your score is below 650, you may have trouble getting insurance or you may have to pay a higher premium. In order to improve your credit score, keep in mind the following factors that influence the score.<\/p>\n<ul>\n<li>Payment history\u2014The largest factor is credit and loan account payment history. A steady record of on-time payments going back several years shows responsibility.<\/li>\n<li>Debts owed\u2014The number of accounts you currently have, including type and balance. Try to have just a few active accounts with low balances.<\/li>\n<li>Length of credit history\u2014The longer your credit history, the better.<\/li>\n<li>New accounts\u2014Every time you apply for a new account, a record of that application appears on your credit report and drops your score. Limit the number of applications you submit.<\/li>\n<li>Balance of accounts\u2014It is best to have between two and six open credit cards and one or two loans.<\/li>\n<li>Negative records\u2014Collections, judgments, and bankruptcy filings will drop your score.<\/li>\n<\/ul>\n<p>Copyright 2008, 2016, International Risk Management Institute, Inc<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A big factor in determining the premium of a personal auto policy has nothing to do with a person\u2019s driving record\u2014it\u2019s his or her credit record. According to Conning and Company, more than 90 percent of insurers use an applicant\u2019s credit history\u2014his or her insurance risk score\u2014to slot him or her into a certain program. When a person applies for auto insurance, the insurance company asks for permission to pull his or her credit information. The insurer then secures a credit report from one or more of the credit bureaus\u2014TransUnion; Experian; or Equifax. For more information on credit reports or to secure a copy of your own report, go to http:\/\/www.credit.com. Credit scores range from 300 to 850. If your score is below 650, you may have trouble getting insurance or you may have to pay a higher premium. In order to improve your credit score, keep in mind the following factors that influence the score. Payment history\u2014The largest factor is credit and loan account payment history. A steady record of on-time payments going back several years shows responsibility. Debts owed\u2014The number of accounts you currently have, including type and balance. Try to have just a few active accounts with low balances. Length of credit history\u2014The longer your credit history, the better. New accounts\u2014Every time you apply for a new account, a record of that application appears on your credit report and drops your score. Limit the number of applications you submit. Balance of accounts\u2014It is best to have between two and six open credit cards and one or two loans. Negative records\u2014Collections, judgments, and bankruptcy filings will drop your score. Copyright 2008, 2016, International Risk Management Institute, Inc<\/p>\n","protected":false},"author":2,"featured_media":4683,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_title":"","_yoast_wpseo_metadesc":"A big factor in determining the premium of a personal auto policy has nothing to do with a person\u2019s driving record\u2014it\u2019s his or her credit record","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"_metasync_otto_title":"","_metasync_otto_description":"","rank_math_title":"","rank_math_description":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-4682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-swfl-insurance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is the Big Deal about Credit Ratings and Insurance Scores? 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