This is the third installment of “10 Ways to Save Money on Your Auto Insurance”, which can be downloaded for FREE from www.culbertsonagency.com.You may not have realized that your credit score doesn’t just impact your ability to get loans. It also affects your auto insurance rates. Why? Insurance companies have done many studies to determine who is a good insurance risk and who is a poor risk. It’s been proven time and time again that people with a solid financial history have fewer insurance claims. Insurance providers are willing to give people with a good credit score discounts on their insurance for this reason. If your credit score is currently less than ideal, don’t despair. There are lots of ways to improve your credit score (and then get better rates on insurance!). If you don’t already have your credit report, get it online at www.annualcreditreport.com. Be sure to use reputable sites. There are some scam sites out there which may try to get you to sign up for identity theft protection or other services. You do not need to pay anything for this type of report. You can only request it for free once a year, but that will be enough for you to get started! If you find inaccuracies or problems on your report, then you will need to get them fixed by reporting the issue to the credit reporting agencies:
- Equifax – www.investigate.equifax.com
- Experian – www.experian.com
- TransUnion – www.transunion.com
- Don’t miss payments and don’t make late payments. Do everything in your power to pay bills on time.
- Reduce your credit card balances. It can be difficult, but try to get rid of that credit card debt!
- Don’t apply for new credit.
- Don’t close old credit cards. Showing a long history of well-managed credit is important.
- Talk to your credit card company. If you have been a reliable customer, they may be able to waive a late charge and erase a minor mistake.