Bad Credit Bites Back
If any of you think that bad credit to your name won’t get anyone’s attention, then you better think again. Companies who give out home insurance give better rates and terms to those who pay their bills on time. Credit history is something these companies look into, as they want to be sure that the customers they’re pulling in have the capability to pay their premiums.
“Statistically, it has been proven that people with poor insurance scores are more likely to file a claim,” notes Heismeyer. “Historically, homeowners rates had been based on the characteristics of the structure itself. The insurance industry is now shifting the focus to include characteristics of the occupants, and insurance scores are one of those factors.”