CyberPolicy is monitoring news of the coronavirus (COVID-19) outbreak and has activated a business continuity plan in response to the situation. We have implemented precautionary and preparedness measures to reduce exposure to the coronavirus and are prepared to maintain normal business operations.
X

Avoid Credit Score Mistakes To Keep Your Insurance Rates Down

Credit scores can have a drastic effect on your insurance rates. A credit score is based on the system creditors employ whether to extend a line of credit to you. Despite the importance of this score, many individuals fail to understand the overall significance of how this can affect everyday items like how much interest you pay on your mortgage as well as what your insurance rates cost. Since people have a tendency to pay their credit scores little attention, it means many individuals are not trying to improve their score. This can lead to you paying higher premiums across your lifetime. By ensuring you have an accurate credit score that properly reflects your financial history, you can potentially lower your insurance premiums.



Here are two mistakes to avoid when it comes to your credit score:



1. Not checking it

Checking your credit report is one of the most important steps you can take. These offer you a glimpse into who's using your information and provide keen insight into whether someone is fraudulently using your identity. There are several websites that provide free credit reports for you to peruse. Take advantage of these to ensure there is no inaccurate information on your credit score. Check to see that all the addresses, accounts and current balances are correct. If not, file a complaint so the credit agency initiates an investigation.



2. Canceling a credit card

Paying off and canceling a credit card seems like a no-brainer, since no longer having a credit card around will make you seem more reliable and financially secure. However, credit reporting companies use the length of your credit history to establish your report. The longer you keep a credit card open, the better it looks on your report. This is especially true of long-standing cards, provided they do not have an annual fee.



CoverHound provides free insurance quotes through their convenient website.


Insurance shopping simplified

Review personalized quotes, select coverages, and buy online - Everything insurance, all-in-one-place.
BUSINESS INSURANCEPERSONAL INSURANCE

Insurance shopping simplified

Review personalized quotes, select coverages, and buy online - Everything insurance, all-in-one-place.

Insurance shopping simplified

Review personalized quotes, select coverages, and buy online - Everything insurance, all-in-one-place.
© 2010 - CoverHound LLC - All rights reserved.
CoverHound© is a trademark of CoverHound LLC
DBA: CoverHound Insurance Solutions - CA License
No. 6005304