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Car Insurance and Your Credit Score Corinth MS

Your credit score is used by car insurance companies to determine what you pay. It's important to know your score before you shop for insurance. It's easily possible that someone who has never had an accident and never filed a claim could pay up to three times as much for insurance as another similar customer with an identical vehicle โ€” because of differences in credit scores.

Allstate Auto Insurance
(888) 355-7971
529 Mulberry Ave
Selmer, TN
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Rogers- Tom L
(662) 287-8077
102 N Cass St
Corinth, MS
 
Miller Insurance Agency
(662) 665-0059
1608 South Harper Road
Corinth, MS
 
Magnolia Regional Health Center - Patient Account Inquiries- Blue Cross Blue Sh
(662) 293-1104
611 Alcorn Drive
Corinth, MS
 
Eaton- Bonnard F
(662) 287-3911
401 N Fillmore St
Corinth, MS
 
Acceptance Insurance Tupelo
(662) 287-4898
1801 South Harper Road
Corinth, MS
 
Direct General Insurance Agency Inc
(662) 286-2800
2021 Highway 72 East
Corinth, MS
 
Carpenter & Associates Insurance Agency
(662) 286-8233
1796 Highway 72 East
Corinth, MS
 
Darnell- John B
(662) 287-5297
1400 N Harper Road Ext
Corinth, MS
 
A-1 Insurance
(731) 646-3724
523 Mulberry Avenue
Selmer, TN
 

Car Insurance and Your Credit Score

Many car insurance companies now use your credit score to determine what you pay. Why? Because they say studies show that customers with poor credit histories are more likely to be in accidents and file claims. They claim that customers with bad scores are higher risks and it's only fair that those customers pay more for their policies.

Insurance regulations in many states now allow this practice, although regulatory administrators admit they don't understand the connection between credit scores and car accident claims.

It's easily possible that someone who has never had an accident and never filed a claim could pay up to three times as much for insurance as another similar customer with an identical vehicle โ€” because of differences in credit scores.

How does it work?
Insurance companies use a secret formula to calculate a customer's "insurance score" that is not quite the same as the more familiar FICO score from credit reporting agencies such as , Transunion, and Experian. Although the score itself may be different, the end result will nearly always be the same. If a customer has a poor FICO score, he'll almost certainly have a poor insurance score.

Companies such as Allstate charge poor-credit customers as much as three times the rate for customers with excellent credit. In fact, credit history is becoming one of the major factors, if not the major factor, in determining insurance rates.

Insurance companies want ...

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