Yeager Insurance, like most insurance companies, uses many factors to price your insurance, including your driving record, your claims history, the type of home or vehicle you own, and your credit-based insurance score.
What is a Credit-Based Insurance Score and Why Does it Matter?
Your credit-based insurance scores is not the same as your personal credit score, nor is it a measure of your credit worthiness. The credit-based insurance scores is a number that measures your likelihood of having an insurance claim. Studies have shown that consumers with higher credit-based insurance scores have fewer and less severe losses. For this reason the credit-based insurance scores is useful as a rating factor, but it is only one of many that are used.
Because your personal credit history affects your credit-based insurance scores, it is important to regularly review it and make sure that it is accurate. The Fair Credit Reporting Act (FCRA) allows you to order one report for free from each of the major credit reporting agencies each year. You may also purchase a “3-in-1 report” to review your scores from all three major credit bureaus—Equifax, Experian, and TransUnion.
Credit Rules Vary by State
Most states have rules about how credit information can be used in insurance. Contact your state’s Department of Insurance for the latest information on your state’s rules.
Credit Report Errors
If your credit record is incomplete or has an error, ask the credit reporting bureau to make the corrections. If they do they will notify you in writing. Then you can let us know if you want your policy number updated by providing a copy of the notice with your name and policy and mailing it to: Safeco Imaging Center, PO Box 515097, Los Angeles, CA 90051-5097.