Credit history could affect Illinois insurance bill

Credit history could affect Illinois insurance bill

Can’t seem to get a break on your auto or e? Check your credit history.

If you are late paying your bills, have high credit card balances or never met an instant credit offer you could refuse, you could be paying more for insurance than someone with a cleaner credit record.

There are a number of different scoring models to measure the relationship between how you use credit and your likelihood of filing a claim. For instance, at General Casualty, an insurance provider in Sun Prairie, Wis., the higher your score, the better your discount. A score of 550 will get an Illinois resident the base rate for homeowner’s insurance while a score of 865 would net a 35 percent discount, said Dan Kovac, an assistant vice president at General Casualty.

If you’ve got poor credit, it could save you some money to find an insurer who doesn’t use credit scores to set premiums.

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