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Vantage Score?

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anthony

anthony

Joined: 31 Jul 2006
anthony's page
Posts: 533



13296 Magic Points
 
 Posted on Fri May 23, 2008 7:35 am  
It is true that credit history affect the insurance premiums. I think they consider that higher is our credit score, the better driver we are and so lower is the premium. But like Carol, I too cannot find any relationship between the two.
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Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
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Mary

Mary

Joined: 06 Jul 2006
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Posts: 424



10960 Magic Points
 
 Posted on Fri May 23, 2008 7:52 am  
I think that the companies link insurance rates with credit history to see whether the person can meet the insurance premium timely or not. If his credit history is good, the companies become sure that the person will be able to continue the insurance premiums and hence charge lower premium rates. On the other hand higher premiums are charged to people with bad credit history only to avoid the risk associated with it.
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CMBV22

CMBV22

Joined: 08 May 2008
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Posts: 376



4057 Magic Points
 
 Posted on Sat May 24, 2008 5:13 am  
The woman I spoke to from Allstate said that generally they feel ppl with higher credit are more responcible.
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scott

scott

Joined: 28 Jun 2006
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Posts: 199



5318 Magic Points
 
 Posted on Fri Jun 13, 2008 7:31 am  
Yes, actually people have high credit score and a good credit history only when they repay the debt on time. This is in turn reflected on the credit report. So the insurance companies feel that the people who have high credit score are more responsible and charge low premium rates from them.
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SCOTT

Social security, bank account, and credit card numbers aren't just data. In the wrong hands they can wipe out someone's life savings, wreck their credit and cause financial ruin.
 
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