Tagged: Credit

What Exactly is an Insurance Credit Score?

What Exactly is an Insurance Credit Score?

What Exactly is an Insurance Credit Score? Insurance credit scores, more commonly referred to as insurance scores, are used by insurance companies to determine how risky a person is and how much that person will have to pay for their insurance. The use of these insurance scores has made headlines in recent years because many people consider their use to be very controversial. As a result of the publicity that this practice has received, most people now know that insurance companies are using credit information but there are a lot of misconceptions about this practice. The biggest misconception that people...

Credit Insurance: Is It Right for You?

Credit Insurance: Is It Right for You?

Credit Insurance: Is It Right for You? Credit insurance protects the loan on the chance that you can’t make your payments. Credit insurance usually is optional, which means you don’t have to purchase it from the lender. In fact, the Federal Trade Commission (FTC), the nation’s consumer protection agency, says it’s against the law for a lender to deceptively include credit insurance (or other optional products) in your loan without your knowledge or permission. There are four main varieties of credit insurance: Credit life insurance pays off all or some of your loan if you die. Credit disability insurance, also...