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Car Insurance and Your Credit Score Fayetteville AR

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
121 W Township Ste14
Fayetteville, AR
Description
Safe Drivers Save up to 20% on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
1012 N Garland Ave
Fayetteville, AR
Description
Safe Drivers Save up to 20% on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Andrews Jr- Darryl D - State Farm Insurance Agent
(479) 442-6784
2031 North Green Acres Road
Fayetteville, AR
 
James M. Bryan Agency
(479) 443-1664
18 E Township St
Fayetteville, AR
 
Mark Charles Seifert Agency
(479) 443-5050
3159 E Mission Blvd
Fayetteville, AR
 
Allstate Auto Insurance
(888) 355-7971
1814 N Crossover Rd
Fayetteville, AR
Description
Safe Drivers Save up to 20% on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Larry Greenwood Agency
(479) 444-9300
1970 E Joyce Blvd
Fayetteville, AR
 
Ben Owens Shelter Insurance
(479) 444-8453
962 East Rolling Hills Drive
Fayetteville, AR
 
Allstate Insurance Companies
(479) 587-1578
4000 North College Avenue
Fayetteville, AR
 
Floyd- Larry E - State Farm Insurance Agent
(479) 442-5000
2514 East Mission Boulevard
Fayetteville, AR
 

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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