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The average credit score is 716. (Average credit scores by state)47 percent of credit cardholders carry debt from month to month. (Bankrate credit card debt survey)Drivers under 25 pay the most ...
In the strictest sense, your credit score does not affect car insurance rates. Instead, insurance companies assign customers “ insurance scores ,” which use credit information to calculate a ...
An insurance score – also called an insurance credit score – is a numerical point system based on select credit report characteristics. There is no direct relationship to financial credit scores used in lending decisions, as insurance scores are not intended to measure creditworthiness, but rather to predict risk .
How a bad credit score can affect you. Jacqueline DeMarco. December 14, 2023 at 10:34 AM. ... Although credit scores and credit-based insurance scores are slightly different, ...
A credit score is primarily based on a credit report, information typically sourced from credit bureaus. [2] Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt.
2004 study found the median credit score for whites in 2001 was 738, but the median credit score for African Americans was 676 and for Hispanics was 670. [ 37 ] 2004 research study found fewer than 40% of consumers who lived in high-Black Indigenous and people of color [BIPOC] neighborhoods had credit scores of over 701.
Data source: MyFICO (interest rates as of Oct. 17, 2024). Cheaper auto insurance. In most states, insurance companies are allowed to use your credit score to set your premiums.