Insurance
Scores
What you should know

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What is an Insurance Score?

A credit-based insurance score is calculated using a mathematical equation that weighs the credit history information contained within an individual’s credit report.

The Insurance score calculation considers information such as:


Bill-paying history

Number and type of accounts

Collection actions

Outstanding debt

Age of accounts

An insurance score does not consider:


Age

Marital status

Gender

Race

Nationality

Religion

Employment

Income

Address

Insurance Scores are calculated by third party vendors who have no financial interest in insurance score outcomes. Scores vary based on the third party vendor chosen, and the insurance score model the company uses.

An Insurance score is not the same as a credit score. A credit score attempts to predict the likelihood an individual in the near future will become delinquent on a mortgage, car loan, credit card, etc. An insurance score will use the same credit report information and seek to answer the question: “How likely is it the individual will file an insurance claim in the near future?”

Why Does McInturf-Fulmer Insurance Group Use Insurance Scores?

Insurance scores have consistently proven to be accurate predictors of future claims experience. We find this in our own experience and in industry-wide statistics. Those with higher insurance scores are much less likely to file an insurance claim than those with low insurance scores. The industry has found a relationship between credit management and future claims predictability.

How Does McInturf-Fulmer Insurance Group Use Insurance Scores?

An insurance score is only one of many component considered when rating personal lines insurance policies. The individual’s insurance score will influence the final premium; however, the insurance score will not be the sole or primary factor used to calculate the rate. Other variables used in rating include: territory, coverage types, limits, deductibles, operator’s experience, violation and claim experience, age of dwellings and fire protection ratings.

What Can I Do to Improve My Insurance Score?

Paying bills on time, keeping balances low on credit cards and applying for and opening new accounts only as needed is a healthy start to maintaining a strong insurance score rating. If your score is lower than you would like it to be, there is no “quick fix” to improve the score. A steady and disciplined approach to responsible credit use today will improve your insurance score over time.

What If I Have Questions About My Insurance Score?

The Fair Credit Reporting Act allows customers to access a free credit report once annually from the three nationwide credit bureaus.
The reports may be ordered online, by phone or by mail:
Online: www.annualcreditreport.com
Phone: 877-322-8228
Mail: Complete the request form found at www.ftc.gov and mail to:
Annual Credit Report Request Service
PO Box 105281
Atlanta, GA 30348-5281

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Please note that NO changes to your policy or coverage are binding by submitting Online Forms & Requests. Change requests will only be considered bound upon confirmation from your Broker/Agent.