The Value of Excellent Credit

According to a new study, homeowners with poor credit can expect to pay twice as much for homeowner’s insurance as those who have excellent credit while those with average or median credit will pay 32 percent more. This is true in 38 states and Washington D.C. Only three states prohibit insurers from using a homeowner’s credit score from calculating homeowner’s insurance: Maryland, Massachusetts, and CALIFORNIA.

Experts agree that the ramifications of a poor credit score are higher than they’ve ever been. They urge consumes to maintain a solid credit rating by paying bills on time, keeping credit balances low and correcting any errors on their credit reports as soon as possible,

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