Quote:
Originally Posted by Boilerman
Even the title of all three links I provided have “credit score” in the title of the article. The second link is from Consumer Reports and the third link is from Nationwide Insurance. If you don’t think these are reputable sources, search for yourself and you’ll find dozens of other sources that all say the same thing. Your credit score affects your insurance rate.
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If you read past the title, you read:
Your score is used to measure your creditworthiness—the likelihood that you’ll pay back a loan or credit-card debt. But you might not know that car insurers are also rifling through your credit files to do something completely different: to predict the odds that you’ll file a claim. And if they think that your credit isn’t up to their highest standard, they will charge you more, even if you have never had an accident, our price data show.
Cherry-picking about 30 of almost 130 elements in a credit report, each insurer creates a proprietary score that’s very different from the FICO score you might be familiar with, so that one can’t be used to guess the other reliably.
This is one example from the link you suggested.
This concludes the education for today.
