What kind of credit information is IFA using?
As mentioned above, we consider only those items from credit reports that are relevant to insurance loss potential. We do not consider information such as how much money you make or whom you owe because we are not assessing our customers credit-worthiness. The kind of information in credit reports that has proved relevant to calculating insurance risk includes bankruptcies, judgments, collections, and delinquencies. The number and the types of credit accounts a customer has, length of account history, and account balances relative to limits are other factors we consider. Also, the presence in your credit report of some types of inquiries can affect your insurance rate, but it’s important to understand which types of inquiries can have an effect. Your insurance rate will not be affected by promotional inquiries, account review inquiries, the inquiry IFA or any other insurer makes to review your credit history for insurance purposes.
