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Your insurance credit score may differ from company to company, as they will use different factors in determining your premium. Notice that we call it an insurance credit score. This means that it encompasses many factors including credit.
Since each insurance company uses different techniques to determine your credit score it is hard to tell you what a good credit score is. Usually a good credit score will result in lower premiums.
Your agent or company is not obligated to tell you your credit score. In fact, they might not even know what it is. All they usually know is that your credit score qualifies you for a specific rate or policy. Some companies also offer better rates under each qualifying tier.
If you feel that there is incorrect information on your credit report, you should tell credit bureau. If you report and error, credit bureau must investigate error and get back to you within 30 days. You can ask credit bureau to send a notice of correction to any creditor or insurer that has checked your file in past six months. Once errors are corrected, it is a good idea to get a new copy of your credit report several months later to make sure wrong information has not been reported again.
The three national credit bureaus are: . Trans Union (www.transunion.com or 800-888-4213) . Equifax (www.credit.equifax.com or 800-685-1111) . Experian (www.experian.com or 888-397-3742)
Tell your insurance company. Do not wait until credit bureau investigates errors to contact your insurer. Tell your insurance company right away and ask if errors will make a difference in your insurance. If errors are big, tell your insurer that you are disputing information and ask if they will wait to use your credit information until errors are corrected. Small errors may not have much affect on your insurance credit score. If errors are big, it can make a significant difference in your premium. Some companies are unable to adjust premiums until score is corrected, but it does not hurt to ask.
If you have taken steps to improve your credit, score you should ask your insurance company to re-evaluate your credit score at renewal.
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Jon Register is a representative of CarInsurance.com. You can visit CarInsurance.com at http://www.carinsurance.com or contact them at 1-877-327-8728.
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