Where do Risk Assessment Indicators come from?
Risk Assessment Indicators are based on information from consumer credit reports that insurers get from one or more of the three major credit bureaus: Equifax, Experian (formerly known as TWR), and Trans Union. Information used in coding includes: • Outstanding debt • Length of credit history • Late payments, collections, bankruptcies • New applications for credit • Types of credit in use.
Risk Assessment Indicators are based on information from consumer credit reports from one of two institutions: Choicepoint or Trans Union, to develop acustomer’s Risk Assessment Indicator. Information used may include: • Length of credit history • Late payments, collections What’s not included in a Risk Assessment Indicator? Risk Assessment Indicators do not use the following information: • Ethnic group • Marital Status • Religion • Nationality • Age • Familial Status • Income • Disability • Gender • Address Who at Farmers has access to my credit information? We believe in your right to privacy. Your agent and members of the agency staff do not have access to your credit file. You can, however, obtain a copy of your credit report from the consumer reporting agency that provided the information used to calculate your Risk Assessment Indicator. Why does Farmers use Risk Assessment Indicators? Industry experts have proven that a strong correlation exists between credit history and insuran
Related Questions
- Whats not included in a Risk Assessment Indicator? Risk Assessment Indicators do not use the following information: Ethnic group Marital Status Religion Nationality Age Familial Status Income Disability Gender Address Can I improve my indicator and, if so, how?
- Whats not included in a Risk Assessment Indicator?
- Why does Farmers use Risk Assessment Indicators?
