Health Care Reform

Wed, 24 Mar 2010 11:33:00 -0400

Many health insurance policy holders and those who do not have health insurance are concerned with the health care reform bill. The best way to gain knowledge on how it benefits or affects you is to educate yourself. One way is going online and reading the bill, or calling your local insurance agent. As you find out more about the bill. Let us know what you think by posting to this blog. If there are any questions about the bill, then we will try our best to answer them.

Tue, 24 Feb 2009 19:36:00 -0500

Insurance Score...

WHAT IS AN INSURANCE SCORE AND HOW DOES IT AFFECT MY RATE?

A credit based insurance score is an evaluation of credit bureau information that gives the insurance company an estimation of your future risk, compared to other consumers. The better your score the better your rate. Having an above average insurance score can help you save thousands while you obtain insurance throughout your lifetime. A customer can receive a quote without an insurance score. Take into consideration that it is just a quote. Before the auto, home, business, etc. policy is issued, an insurance score is obtained and may raise your premium.

Please remember that improving your insurance score may not neccesarily decrease your rate. Other criteria are taken into consideration, such as claim history, driving records, etc. Without going into a vast amount of insurance jargon here are some ways to help you understand what an insurance score consists of:

40% Previous Credit Performance
30% Current Level of Indebtness
15% Length of Credit History
10% New Credit/ Pursuit of New Credit
5% Type of Credit Used

You can improve your insurance score by:

Paying your bills on time
If you have missed payments, get current and stay crrent
Be aware that paying off a collection account will not remove it from your credit report
If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor
Manage credit card use carefully
Do your rate shopping for a given loan within a focused period of time
Know that it is okay to obtain a copy of your credit report

By familiarizing yourself with these simple steps, it will help you to understand the use of insurance scoring.

The intended use of this blog is for information purposes only, and should not be used as legal advice. Please consult a credit couselor, lawyer, or financial consultant for a specific plan of action.

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Health Care Reform