How to Check My Insurance Score and Correct It

An insurance score is a numerical rating insurance companies use to assess the likelihood of future claims. This score helps insurers calculate premiums for various policies, reflecting an individual’s estimated risk profile. This article guides consumers through understanding insurance scores and how to access and review their own report for accuracy.

Understanding Your Insurance Score

An insurance score is a statistical tool that helps insurers predict the probability of a person filing an insurance claim. While it incorporates elements similar to a credit report, it is distinct from a credit score, which assesses creditworthiness for lending purposes. Insurers use these scores because statistical analysis indicates a connection between certain financial behaviors and the likelihood of future insurance claims.

Insurance scores typically include several categories of data. A significant portion relates to credit history, examining factors like payment history, amounts owed, credit history length, and types of accounts. This involves an analysis of credit behaviors, not a direct reliance on a specific credit score. Past insurance claims history, including frequency and severity, also contributes. Some scores may consider public records or the length of an individual’s insurance history.

Accessing Your Insurance Score

Consumers generally have a right to request their insurance score and the underlying report that compiles the data used to generate it. This right is often supported by regulations similar to the Fair Credit Reporting Act (FCRA), which governs consumer reporting agencies. This allows individuals to proactively review the information insurers may use.

Individuals can obtain their insurance score report through primary avenues. One method involves requesting the report directly from your current or prospective insurance carrier, as they often rely on these scores during the underwriting process. Another common approach is to contact major consumer reporting agencies that specialize in compiling these reports, such as LexisNexis or Verisk Analytics, which operates ISO. These agencies typically provide consumers with access to their reports, often at no cost annually, similar to credit reports. When requesting a report, expect to provide identifying information to verify your identity, and the report will detail the information used to calculate your score.

Reviewing and Correcting Your Insurance Score

Once you obtain your insurance score report, carefully review all included information. Focus on identifying inaccuracies in personal details, claims history discrepancies, or incorrect credit-related information. Verifying accuracy ensures the score reflects your true risk profile.

If inaccuracies are discovered, a process exists to dispute and correct the information. First, identify the specific data furnisher, such as an insurance company for claims or a credit bureau for credit data. Next, contact the consumer reporting agency that issued the report, like LexisNexis, to initiate a formal dispute. When disputing, gather and submit supporting documentation. Corrected information on your report can lead to a revised insurance score, which may influence future premiums.