Depending on your credit score, you may be paying more for home insurance premiums. Homeowners with low credit scores can pay anywhere from 29 to 91 percent more, order according to an InsurnaceQuotes.com study. Home insurers use their own credit-scoring models for calculating rates. Insurers have found a direct correlation between a consumer’s credit and the likelihood that he or she will make a home claim. This results in higher costs to the homeowner in those states where insurers are allowed to use credit information to set their insurance rates.
Overall, for sale paying your bills on time and keeping your credit card balances to less than 30 percent of available credit is the key to a healthy credit report. You can get one free report each year from each of the three credit bureaus – Equifax, Experian and Transunion – go to: www.annualcreditreport.com.
While these free reports don’t give you a credit score, consumers can see exactly what is on their reports and can dispute any items that are incorrect.
For additional information, call Herb Levin at 847-441-4116 or email at firstname.lastname@example.org