Future Home of Prall Insurance.    Sorry, We are under construction! 

  Credit Score?  What is it? 

Your credit score is a composite or ranking, if you will, of your credit history.  Something of a credit report, but without all the details.  

  What does your credit score have to do with insurance?  

Are insurance companies afraid that you are not going to get your premium paid?  No, your premium payment...or lack of payment is not what is on their minds.  As computers become more powerful allowing insurance companies the ability to perform statistical analysis on more kinds of data and in more detail, every once-in-a-while they will stumble across something that seems to have a direct relationship with something else that is seemingly quite different.  In this case, the consumer's credit score matches up with the claims frequency and severity.  The companies have found that as your credit score goes down, your losses increase.  Or, as your credit scores go up, your losses go down.  

 What's your credit score?  

For you, the insurance consumer, it's not important to know your actual score.  What is important to know is where your score ranks...low, average or high.  The higher on the credit score ladder, the more desirable you are to insurance companies and thus will offer their best rates to those people.  Conversely, the lower you are on the credit score ladder, the less desirable you will be to insurance companies and those people will get the highest rate or possibly won't even want to insure you at all.

  Are all companies using credit scores?