Contact Details GAUTENG: 011 889 7000 KWA ZULU NATAL: 031 265 0300 WESTERN CAPE: 021 421 7830 EASTERN CAPE: 041 363 4024 Now with Maps go How An Insurance Company Determines Your Premiums Investopedia, Contributor Your home for independent, unbiased financial education on the web. Investopedia's Forbes page brings the expertise of nearly 200 writers -- with specialties ranging from active trading to frugal living and everything in between -- to your fingertips.
A division of ValueClick, Inc., Investopedia has been a leader in independent, unbiased financial education material since 1999. In addition to offering the most comprehensive financial dictionary on the web, visitors have access to articles, check free credit score Salisbury tutorials, FAQs, investment research, commentary, calculators, and two real-time investing simulators.
More information is available on Investopedia's writers page. Click for full photo gallery: How To Get Affordable Insurance Do you know your insurance score? Most people dont even realize check free credit score Salisbury that they have one until they receive an adverse-action notice in the mail notifying them that, based on their insurance score, they dont qualify for the lowest pricing available from their insurance provider. free credit reports instantly To help you decipher what all this means, here check free credit score Salisbury we go over what the insurance score is, how its calculated and some things you can do to improve it. Tutorial: Car Insurance Add-Ons That MayBe Worth The check free credit score Salisbury Money The Mystery If you ever get one of these adverse-action letters, any check free credit score Salisbury efforts to dig a little deeper into the circumstances behind your low score requires more perseverance than most people are willing to put forth.
The adventure begins by following the letters instructions to call the listed 1-800 number to receive a free copy check free credit score Salisbury of your credit report which apparently has some effect on the score. You may wait several weeks for a reply, only to be sent a consent form that reads like an identity thiefs dream: the form will request detailed proof of identification, including photocopies of your drivers license, in addition check free credit score Salisbury to your social security number and your insurance information. free credit score check If after gathering all of that information you are brave enough to send it off through the mail, the packet that you get back will simply summarize your credit rating, with absolutely no information about your insurance score.
If you inquire further with the credit-reporting agency, you will likely be told that your credit report contains information that was used to calculate your insurance score, but that the credit-reporting agency has no access to your actual score. (More: Does Spiderman Need Life Insurance?) If you persist and contact your insurance company, it will likely tell you that 99% of its clients do not qualify for the companys lowest rate, and to qualify, your credit must be absolutely perfect. In other words, even if you carry no balances on your credit cards, own your home free and clear, are completely debt free and have a credit rating in the high 700s, youre still unlikely to have an insurance score that qualifies you for the lowest available insurance rate. So what exactly is this mysterious insurance score, and what exactly is its reason and purpose? What check free credit score Salisbury It Is and How It Is Calculated check free credit score Salisbury An insurance score is a rating used to predict the likelihood that a customer will file an insurance claim. This score as we noted above - is based on an analysis of a consumers credit rating, and the method for calculating it varies from insurer to insurer.
While many companies use proprietary formulas to calculate the scores, the factors used in the calculation include the customers outstanding debt, length of credit history, payment history, amount of revolving credit versus amount of credit in the form of loans, available credit and monthly account balance. credit reports Unlike a credit rating, which uses personal financial information to determine your ability to repay debts, insurance-score calculations check free credit score Salisbury do not factor in your income. This omission means that it is very possible for you to be penalized for taking out a large loan or charging a large amount on your credit cards each month even if your income is more than enough to cover the expenses.
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