Is the credit score used by auto insurance companies the same as that used by lenders?
No. Lenders use your credit report to estimate your ability to repay a loan. Auto Insurance carriers use a different method to estimate the likelihood or your filing a claim. Some of the issues that may be considered to determine your auto insurance rate include: number and history of late payments; derogatory public records (bankruptcies, judgements, liens); outstanding balances on credit accounts, how long you have had a credit history; the number of non-insurance inquiries; the number and age of auto loans.
