As a smart consumer, it should be no surprise to you that your credit report can affect the interest rate you get on a car loan. The better your credit score, the better your rate. But did you know your credit can also influence your auto and home insurance premiums?It’s called insurance scoring, and it can drive up—or drive down—your insurance premiums.Insurance companies believe there is a correlation between credit history and the likelihood of someone filing a claim. So now, almost 90% of auto insurance companies, and an increasing number of home insurers use credit information to determine your premiums…or if they should even insure you at all.What is your insurance score? You can order your insurance scores any time by clicking here. Your insurance score takes into account factors such as your outstanding debt…length of credit history…payment history…and amount of revolving credit (the credit card balances you carry over month to month).You might be thinking: “Hey, this sounds a lot like a credit score.” Well, you’re right. The two are very similar. However, while both insurance and credit scores look at the same characteristics of your credit report, insurers place more importance on the factors that show long-term […]

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