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Questions and Answers About How Your Credit Affects Your Insurance Rates

A growing number of personal auto and homeowner's insurance companies have begun looking at consumer credit information to decide whether to issue or renew policies, or to decide what premiums to charge for those policies.

If you are shopping for auto or homeowner's insurance or if your current policy is up for renewal, chances are the company may be looking at your credit history.

This fact sheet is designed to help you understand how your credit information is being used and how it may affect your insurance purchases.

Is it legal for an insurance company to receive general credit information without my permission?

Why are some insurance companies using credit information?

Does using credit information discriminate against lower-income consumers?

What kind of credit information are insurance companies using?

How are insurance companies using credit?

How do I know if an insurance company is looking at my credit?

Will having no credit history affect my insurance purchase?

What parts of my credit information are companies using?

What do insurance companies consider a good credit score?

Must a producer or company tell me what my credit score is?

If I do not know my score, and my score varies from company to company and day to day, how will I know if my credit is affecting my insurance purchases?

How can I improve my credit score if I have been adversely affected?

What can I do if I suspect that my credit report contains inaccurate or erroneous information that is adversely affecting my credit score?

Where can I go for help with credit problems?

Will a less-than-perfect credit score haunt me forever?

Where can I get more information?

FINAL POINTS TO REMEMBER

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Consumer Affairs Officers are available to answer your questions 8-5 M-F MST