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Your credit report could raise your insurance cost.

Providence Journal (Providence, RI)

| September 01, 2005 | COPYRIGHT 2007 Providence Journal. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Neil Downing

Sep. 1--BRISTOL -- When Saul Ricklin prepared to renew his homeowner's insurance policy a few weeks ago, he learned of a wrinkle in the way premiums are set.

To help determine how much to charge customers for coverage, his insurer told him that it used information contained in customers' credit reports.

Ricklin, 85, a retired chemistry professor at Brown University in Providence, said he knew that credit reports were used by lenders and others, but "I never knew it affected my premium" for homeowner's insurance, too.

Credit reports have long been used by lenders to determine whether someone should receive a loan, and under what terms. But a growing number of…

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Source: HighBeam Research, Your credit report could raise your insurance cost.

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