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Car insurance companies today routinely pull your credit report and use your credit score and history as one factor in setting premiums. Here’s how Progressive explains the use of credit scores in its underwriting process: Credit has been proven to be a very powerful and independent predictor of future accidents or insurance claims.
As we’ve discussed in the past, your credit history affects your finances in many ways. The use of credit history provides an additional predictive factor — one not offered by other factors such as driving record, vehicle type, age, etc.
In fact, Progressive data shows that consumers with the worst insurance scores are twice as likely to have an accident or insurance claim as those with the best scores.
In short, having really bad credit can definitely make your insurance premiums go up.
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They also describe your rights if your credit adversely affects your insurance premiums: If GEICO has taken an adverse action against you (such as offering you a higher rate) as the result of information contained in your credit report, you may obtain a free copy of your credit report.
If you believe there are errors in the report, you should notify the consumer reporting agency immediately.
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