Insurance Agency, Inc.
Michael Watson and Associates
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A Word About Using Credit Information
Credit information has proven to be a strong predictor of losses. Insurance premiums are set based on the likelihood of losses. Those with a lesser likelihood of losses should pay less than those with a greater. Using credit information as another data source in the rating process allows a company to set premiums more accurately. Companies only consider the items from credit reports that are relevant to insurance potential and do not consider information assessing a customer's credit worthiness. The relevance of credit information to insurance loss potential is proven by the actual loss experience of the companies using it. These same sources also demonstrate that consideration of credit information increases the accuracy of insurance risk evaluation, which allows many consumers to pay less for insurance than they would otherwise.
Let your Great Credit .... Earn You A Great Rate!
Our most frequently asked questions in regards to using credit information are:
- Do insurance inquiries show up on my credit report?
- If yes, do they affect the overall scoring?
- Does this negatively affect me when trying to obtain a loan?
Since July 2003 the vendor used by the companies we represent treats insurance inquiries as "soft" on the consumers credit file. In addition, inquiries drop off credit reports after two years and it is our understanding that only the consumer can see them and no other companies can see or consider these type inquires.
"There's more to A Great Rate than price!"
"A Great Rate"
Insurance Agency, Inc.
Three Lakes Office Park
8283 Owasso Expressway, Suite A
Owasso, OK 74055
PHONE: (918) 272-1000
TOLL FREE: 1-877-550-1001
FAX: (918) 272-3180
For more about "A Great Rate" visit our Allstate Website
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"A Great Rate" Insurance Agency
Copyright 2007
by Michael Watson
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