Your credit score can affect your insurance rates.
A study found that 92% of the nation's top automobile insurers use credit scores, based on a correlation between high credit scores and lower claims costs.
An insurance score with some differences, uses the same factors as a credit score for lending purposes: Outstanding debt, length of credit history, late payments, new applications for credit, types of credit used, payment patterns, available credit, public records, and past due amounts.
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