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SVTPerformance's Chain of Restaurants
Road Side Pub
Credit Score Affects Insurance Rate?
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<blockquote data-quote="Jefe" data-source="post: 15605493" data-attributes="member: 41358"><p>Credit in insurance rating has been used for years, easily 15+. It used to be a major rate decider and now its only one of the factors.</p><p></p><p>No insurance company should be able to actually see your credit score. There are FCRA privacy laws that forbid it. Legally we aren't even able to use the term "credit score." We call it a "FACET" score, "risk assessment" or "consumer report."</p><p></p><p>We used to be given a letter score so we could tell the customer where they fall on a scale but now everything is done in the background and all we are able to see is:</p><p></p><p>- % of Credit Limits Used for all Accounts</p><p>- Ratio of Open Credit Card Accounts to Total Open Accounts</p><p>- # Inquiries in last 24 Months</p><p>- Average Age of All Accounts</p><p></p><p>We have to notify you that a consumer report will be run and we don't even need a social security # to run the report. Once the report is run it separates customers into 3 tiers: Preferred, Standard or Non-Standard.</p></blockquote><p></p>
[QUOTE="Jefe, post: 15605493, member: 41358"] Credit in insurance rating has been used for years, easily 15+. It used to be a major rate decider and now its only one of the factors. No insurance company should be able to actually see your credit score. There are FCRA privacy laws that forbid it. Legally we aren't even able to use the term "credit score." We call it a "FACET" score, "risk assessment" or "consumer report." We used to be given a letter score so we could tell the customer where they fall on a scale but now everything is done in the background and all we are able to see is: - % of Credit Limits Used for all Accounts - Ratio of Open Credit Card Accounts to Total Open Accounts - # Inquiries in last 24 Months - Average Age of All Accounts We have to notify you that a consumer report will be run and we don't even need a social security # to run the report. Once the report is run it separates customers into 3 tiers: Preferred, Standard or Non-Standard. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Credit Score Affects Insurance Rate?
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