Reason being, insurance companies believe that
people with low credit scores file more claims.
Not exact matches
Insurance companies say that
people with lower credit scores often
file more claims.
For a
person with a
credit score of 680,
filing for bankruptcy will
lower your
score by 130 - 150 points.
Fair Isaac Corp., the developer of the widely used FICO
score, plans to introduce key changes designed to derail schemes that transplant high - quality
credit card histories into the
files of
people with low FICO
scores.
However, most
people who need to
file for bankruptcy have already
lowered and ruined their
credit score on their own
with missed and late payments.
According to statistics, a
person with a
low credit score is more likely to
file insurance claims than higher scorers.