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How Does Credit History Affect Car Insurance Rates? If you feel that your credit history is better then the insurer can find, make sure the insurer has your correct name, address, social security number, and date of birth. Some insurance companies will look directly at your actual credit reports when determining your rate, however most will use what is called an "insurance credit score." An insurance credit score is developed by using statistical techniques and methods to predict the likelihood a consumer will have a higher than anticipated losses. These are similar to what lenders use to predict the reliability of an applicant repaying a loan. Credit History Factors and Car Insurance Rates Insurance companies use many factors in determining your credit score. Here are some examples of those factors: . Public records: bankruptcy, collections, foreclosures, liens, charge-offs, etc. . Past payment history: the number and frequency of late payments and the days between the due date and late payment date. « Previous Page « » Discuss it » Continue Reading »
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