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Low Credit Scores Could Mean Higher Insurance Rates

Business News

0  Updated at 3:57 am, February 19th, 2013 By: ABC Digital
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iStockphoto/Thinkstock(NEW YORK) — Could your credit score have an impact on your insurance rates? Yes, according to insurance experts.

“Insurance companies discovered that people who have low credit scores actually end up having more insurance claims than people with high scores,” explains Kim Lankford of Kiplinger’s Personal Finance.  “They do charge people more if they have low scores.”

So how can you make sure the facts on your credit report are accurate and that your score is correct?

“Go to annualcreditreport.com, check out your report, make sure there are no mistakes even if you’re not about to take out a loan because it could have a big impact on your insurance rates,” says Lankford.

Copyright 2013 ABC News Radio