How Insurance Scoring Affects You

When you obtain my insurance score, does it show as a “hit” on my credit report?

No. Inquiries such as those made by insurance companies do not negatively affect a consumer’s insurance score. Similarly, promotional inquiries, such as those made by a department store or credit card companies offering pre-approved cards do not affect your credit report. These are considered “soft hits” and do not appear on your credit report.

Only inquiries made as a result of applying for credit, such as an application for an auto loan or mortgage, affect your credit report. And, if you are shopping for an auto loan or mortgage, in some states inquiries requested from multiple lenders made within 30 days of each are treated as one inquiry.

Are you sharing my insurance score with anyone else?

No. All information about an applicant, including the insurance score, is kept confidential. Erie Insurance does not sell or share information with other insurers or companies. It is ERIE’s practice to protect the privacy of our prospects and insureds and act in compliance with all privacy provisions stated in the Gramm Leach Bliley Financial Services Modernization Act, 15 U.S.C. section 1681 et. Seq.

How do I obtain a copy of my credit report?

As a consumer, you have the right to obtain a copy of your credit report at any time. Consumers can obtain a free copy of their credit report on an annual basis from the three credit bureaus: Experian, Equifax and Trans Union.

Or, you can contact the credit bureaus directly for a copy of your report:

If you are denied insurance as a result of information in a “consumer report,” which includes credit information, you will be provided with a notice that tells you how to contact the provider of that information and obtain a free copy of the insurance score report.

What can I do if there is incorrect information in my insurance score?

Tell the credit bureau. If you report an error, the credit bureau must investigate the error and respond to you within 30 days. The credit bureau will contact the organization that reported the information and if there is an error, they will make necessary adjustments to your report.

What can I do to improve my insurance score?

Because information obtained from a credit report is used to determine an individual’s insurance score, customers should periodically obtain a copy of their credit report from the three major credit bureaus. Not only can you see where your credit standing might be deficient, you can also check for inaccuracies. Here are a few things you can do to improve your credit report and insurance score:

  1. Apply for and open new credit accounts only as needed. Although it is generally good to have established credit accounts, too many credit card accounts may have a negative effect on your score. Over time, responsible use of credit can increase a customer’s insurance score.
  2. Keep balances low on unsecured revolving debt like credit cards. High outstanding debt can affect an insurance score.
  3. Pay bills on time. Delinquent payments and collections can have a major negative impact on an insurance score.

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