Question this week – Does my credit affect my insurance rate?

Absolutely YES!   You could live next door to someone your same age, exact same house and cars and driving record but different credit scores and you’d be surprised at the rate difference good  (or bad) credit will make.   Insurance companies use your credit report as part of the insurance score which is used to rate your policy.

Need to start on the road to better credit?  First thing to do is get a free credit report.  There are multiple websites to do this but to get a FREE no tricks credit report for all three credit reporting agencies click here (the only charge is if you want your credit score.)  http://www.annualcreditreport.com

Once you have the credit report look for anything that does not look right.  To correct any errors you’ll need dispute the error.  Click here for phone numbers and a sample letter to mail to EACH credit reporting agency you see the error : https://www.consumer.ftc.gov/articles/0151-disputing-errors-credit-reports

If you find accounts which are not yours, you may be a victim of Identity Theft – which is very serious!  Here is a great website to find out what to do about ID theft:  https://www.identitytheft.gov/

Ready to improve your credit?  Here are a few ideas to concentrate on:

  • NEVER pay late – stuff happens but set up a system.
  • Don’t max out your credit cards – for really good credit try to only use 30% of your available credit.
  • Don’t apply for too much credit. You want to have available credit but too many open accounts or too many recent credit applications aren’t good either.

Questions?  Call us!  We are happy to help! (918)615-9746.

Agency Owner - Sansone Insurance Agency - Your Farmers Agent in the Tulsa, Oklahoma area - Cell|(918)519-9841 Office|(918)615-9746

Posted in General Insurance Concerns, Questions This Week Tagged with: , ,