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The Difference Between Credit Score and Insurance Score

Breaking Insurance News: Defeat of Measure 42, Oregon Credit Scoring Bill

Insurers calculate your insurance score from info contained in consumer credit reports from Fair, Isaac and Co. (FICO), Experian, ChoicePoint, Equifax, and Trans Union. Your insurance score will be evaluated when you first buy or when your auto insurance policy is up for renewal. Also called credit-based underwriting, company placement indicator, insurance financial stability score, your score is important and somethng you can improve. What is the difference between a credit-based insurance score and a credit score?
  • The credit-based insurance score is used to indicate whether you are more or less likely to have CLAIMS in the near future.
  • The credit score is used to determine if you will DEFAULT on a loan.


  • The credit-based insurance score IS NOT usually used to deny insurance to someone.
  • The credit score is used to deny credit to applicants.

  • The credit-based insurance score DOES NOT USE address or income information to determine rating.
  • The credit score does use frequent address changes and/or level of income to determine rating.

  • The credit-based insurance score is used to help determine what PREMIUMS and TYPE OF FINANCING the insurer should charge.
  • The credit score is used to determine what INTEREST RATE they should charge.


 


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