In theory, car insurance should only take account of one single factor: How careful you are while driving. In practice, that’s not the way it works – at all. Research shows that non-driving factors, including where you live and high or low credit score dramatically impact your car insurance premium.
According to a recent study, a driver with no or bad credit might pay as much as double the premium as a driver with good credit.
A credit score is a fundamental measurement of a consumer’s credibility in the eye of financial institutes. Whenever a lender such as a bank considers a loan or credit card application, the credit score must be checked first. The higher the credit score the cheaper the interest rate – generally scores over 700 enjoy the lowest interest rates.
Credit scores, however, are frequently affected by errors, and it is not infrequent for people to be forced to seek the help of a credit score repair lawyer to have them fixed. Even items that should not affect the final score negatively (such as library fines and traffic tickets) are causing serious damage to that consumer’s background.
If you believe that old or inaccurate information is negatively impacting your credit score – please call Boss Law for a FREE credit report review.
At Boss Law, we get paid by suing creditors and credit bureaus for sloppy information that hurts the consumer — we only get paid if we win.