We know there are many myths & truths of insurance floating around out there & we are here to try and help bring some clarity to the issue!
Having Great Credit Can Benefit Your Home Insurance Rates
The insurance companies (currently SGI Canada & Wawanesa Mutual) have designed this new method to try to give consumers another opportunity for discounting their home insurance rates.
We need two requirements to apply the discount:
1. Express consent- For our client’s convenience, we are capable of accepting consent or withdrawal of credit score discounts verbally.
2. The second type of information required is your legal full name and full date of birth, this information in most cases has already been obtained in the past for other insurance purposes.
Start saving more!
Lots of our customers have utilized this discount by taking those savings and purchasing additional coverage's such as, the newly introduced Flood Coverage. New this year to the personal homeowner’s line of insurance.
A little run down of how it works; once we have obtained your consent, the score is electronically requested from our credit score provider, depending on which insurance company you are with could either be TransUnion or Equifax. Credit score is then sent from the credit bureau through a secure data transmission channel and is automatically applied to the calculation of your premium. Your consent is kept and collected until or if you withdrawal that consent, and therefore annually the insurance company will access your credit score just before the renewal of your policy. We have been reassured by the insurance companies that this will not impact your credit rating.
To top off all this great news, Wawanesa Mutual has recently increased the credit score maximum possible discount, now allowing for an even greater discount.
*Your rates will not go up if you have an unfavorable credit score.
At Al Hattie Insurance, we take your privacy very seriously. Our clients privacy is an office practice we have taken very seriously before credit scoring even came into play. We cannot see and do not have access to your credit score information. That information is restricted to only limited employees of the insurance companies who only access it in order to do their job.
Some Tips to Improve your Credit Score:
v Always pay your bills on time.
v Try to pay your bills in full by the due date. If you aren’t able to, pay at least the minimum amount shown on your monthly statement
v Try to pay down your debts as quickly as possible
v Don’t go over the credit limit on your credit card. Try to keep the balance well below the limit, as the higher the balance the more impact it has on your credit score.
v Reduce the number of credit applications you make.
v Make sure you have a credit history. Your credit score may be low because you don’t have a record of owing money and paying it back. You can build a credit history by using a credit card as long as you use it