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September 26, 2013 8:39 am
Our guest blogger for today is Carrie Van Brunt-Wiley, Editor of the HomeInsurance.com blog. The HomeInsurance.com blog provides tips for consumers on a wide variety of topics ranging from home maintenance to insurance shopping. - The KCM Crew Your credit score and your insurance payments- what’s the connection? You’re likely not surprised when your loan officer asks for your social security number- a thorough credit check is standard when applying for a loan. However, many consumers are caught off-guard when a homeowners insurance agent asks for their social security number. It’s widely debated, but quite commonly practiced- for an insurance carrier to use a customer’s credit score to determine their insurance premiums. What does your credit score really mean to your potential insurance carrier? While many businesses will use a consumer’s credit score to determine eligibility for a line of credit or to discern whether a deposit should be held for an advance of services, insurance companies actually perform a different type of credit inquiry that they use for a very different reason.