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My credit is frozen, can I still get insurance?- Jacquelyn W. Sarasota Florida

Customer Question: “Recently I had to freeze my credit because my identity was stolen and it was the only way to protect my credit from further violation. I know that insurance companies check credit reports, (why?) and I’m trying to shop for auto and home insurance. Can I still get a policy?” Jacquelyn W. Sarasota, Florida

Answer: While your insurance company will look at your credit score, they will also look at a bunch of other factors as well to  determine an insurance score for you. Note, an insurance score is not your credit score although your credit score may affect your insurance score. Aside from your credit score, your insurance score is also calculated based on factors  including your insurance claims history and your driving record (for auto).

If you maintain good credit, an insurance company will typically reward you with discounted rates. So, if a company cannot access your credit score, you may not qualify for those discounted rates. It might be a good idea to thaw your credit line from one of the bureau’s temporarily so they can see your score and adjust your rate accordingly. Or, talk with an agent and see if a letter from your bank, or from a credit bureau testifying to your previous score and reason for credit freeze will suffice.  The good news is, when an insurance company checks your credit score, this is typically only considered a “soft hit” on your report, so it should not affect your credit score.

For more information visit:  Why do home insurance companies check credit scores?

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