ing and rating your insurance policy, Illinois law requires your agent to tell you at the time you complete your insurance application. The way in which you are notified depends upon how you submit your insurance information.

If you submitted your information over the phone, the insurance ag

Did you know that your credit rating could affect the rate you pay for insurance in Illinois? When looking for the best rate for your car insurance, realize insurance companies review your credit and use it as a basis for determining your premium. Here are a few things they look for:

1. Major Negative Items: Do you have bankruptcy, or collections, injunctions, foreclosures? These are looked up on unfavorably and may result in your paying a higher premium

2. Past Payment History: Do you pay your bills on time or are they constantly late?

3. Credit History Length: Do you have a credit history or are you beginning to establish it? The longer the history the better

4. Home ownership: Owning a home is looked upon favorably, especially if you pay your mortgage in a timely fashion.

5. Inquiries: How many times have you applied for credit?

6. How many lines of credit are open? Are you over extended?

7. Outstanding Debt: How much do you owe of the amount outstanding. Are your credit cards at or near the limit? This might be a sign of future financial difficulty.

If an insurance company uses your credit information in underwriting and rating your insurance policy, Illinois law requires your agent to tell you at the time you complete your insurance application. The way in which you are notified depends upon how you submit your insurance information.

If you submitted your information over the phone, the insurance ag

or Negative Items: Do you have bankruptcy, or collections, injunctions, foreclosures? These are looked up on unfavorably and may result in your paying a higher premium

2. Past Payment History: Do you pay your bills on time or are they constantly late?

3. Credit History Length: Do you have a credit history or are you beginning to establish it? The longer the history the better

4. Home ownership: Owning a home is looked upon favorably, especially if you pay your mortgage in a timely fashion.

5. Inquiries: How many times have you applied for credit?

6. How many lines of credit are open? Are you over extended?

7. Outstanding Debt: How much do you owe of the amount outstanding. Are your credit cards at or near the limit? This might be a sign of future financial difficulty.

If an insurance company uses your credit information in underwriting and rating your insurance policy, Illinois law requires your agent to tell you at the time you complete your insurance application. The way in which you are notified depends upon how you submit your insurance information.

If you submitted your information over the phone, the insurance ag

u have a credit history or are you beginning to establish it? The longer the history the better

4. Home ownership: Owning a home is looked upon favorably, especially if you pay your mortgage in a timely fashion.

5. Inquiries: How many times have you applied for credit?

6. How many lines of credit are open? Are you over extended?

7. Outstanding Debt: How much do you owe of the amount outstanding. Are your credit cards at or near the limit? This might be a sign of future financial difficulty.

If an insurance company uses your credit information in underwriting and rating your insurance policy, Illinois law requires your agent to tell you at the time you complete your insurance application. The way in which you are notified depends upon how you submit your insurance information.

If you submitted your information over the phone, the insurance ag

any lines of credit are open? Are you over extended?

7. Outstanding Debt: How much do you owe of the amount outstanding. Are your credit cards at or near the limit? This might be a sign of future financial difficulty.

If an insurance company uses your credit information in underwriting and rating your insurance policy, Illinois law requires your agent to tell you at the time you complete your insurance application. The way in which you are notified depends upon how you submit your insurance information.

If you submitted your information over the phone, the insurance ag

ing and rating your insurance policy, Illinois law requires your agent to tell you at the time you complete your insurance application. The way in which you are notified depends upon how you submit your insurance information.

If you submitted your information over the phone, the insurance agent must advise you verbally. However, if you submit your information in writing, the insurance agent must give you a written disclosure.

If your credit information is poor and the insurance company makes an adverse decision on your behalf because of it, they must tell you about the adverse action. They must give you up to four of the top reasons why your credit information negatively affected your insurance, i.e., bankruptcy, late payments, etc.

If it happens to you, think of it as a wakeup call. Having your credit in good order will only benefit you.