Office Hours: 9AM – 5PM Monday – Friday (others by appt.) | Phone: 804-458-8522 Fax: 804-458-8257

PHONE: 804-458-8522
FAX: 804-458-8257
OFFICE HOURS: 9AM – 5PM MONDAY – FRIDAY

​WHAT FACTORS ARE AFFECTING MY INSURANCE SCORE?

Below are some of the common factors:

  • Late payments on any account have a negative impact on insurance scores.
  • Public derogatory records have a negative impact on insurance scores. Derogatory public records considered are bankruptcies, liens, garnishments, judgments and suits.
  • It is better to have a limited number of total accounts on your credit report. Also, it is better that the accounts be longstanding. Cancelling unnecessary accounts may have a positive, long-term impact, but cancelling longstanding accounts may have negative, short-term impacts.
  • It is better to have a limited number of credit card accounts open. Also, it is better that the credit card accounts be longstanding. Cancelling unnecessary credit cards may have a positive, long-term impact, but cancelling longstanding credit cards may have negative, short-term impacts.
  • It is better to have a limited number of bank installment accounts. Also, it is better that the installment accounts be longstanding. An installment account has a fixed number of payments against a set amount (e.g. car loan).
  • It is better to have few or no retail accounts. Also, if a retail account is necessary, it is best to have a longstanding, always paid satisfactorily account. A retail account refers to clothing stores, jewelers, home furnishings, mail orders, and variety stores.
  • Recent inquiries have a negative impact on insurance scores. Only allow inquiries on your credit if they are necessary.
  • A high percentage of your debt available (sum of credit limits from all accounts) consumed by debt has a negative impact on insurance scores. Cancelling an unnecessary, high limit credit card, for example, may have positive long-term effects, but may be detrimental in the short-term.
  • Auto financing accounts have a negative impact on insurance scores. An auto finance account is primarily an account with a major auto manufacturer such as Ford Motor Credit, GMAC, etc.

Disclaimer: The above information is based on the insurance scoring model currently being used by ERIE. This information may not apply to insurance scoring models being used by other carriers