Tuesday, February 27, 2007

Guess Who's L@@King at Your Credit

Insurance Companies Want to SEE Your Credit Score
I previously wrote about how you should get your homeowners insurance during the inspection period when you are buying a home.
Now I SEE more than ever the importance of that when buying a home in Kansas City, Missouri.
At sales meeting this morning we were discussing how more and more insurance companies are using individuals credit scores to determine their insurability and their premium rates.
We all know it's important to pay our bills on time to keep our credit as healthy as possible, and now it's even more vital!
Insurance companies are lining up to look at your credit score to decide if they want to insure you and if they do what the likelihood is that you will have a claim.
Do I feel this is right? Well, not really, but they are doing it.
Again let me stress the importance of getting your insurance during the initial inspection period after you sign a contract. If a problem arises around homeowners insurance you will know at the front end of the deal rather than wait till it's time to close and it becomes a major problem.
I believe that everyone deserves to own their own home and with all the mortgage possibilities out there it is possible. A word to the wise: protect your credit because it may affect the premium you will pay for homeowners insurance.

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