Insurance Scores and Credit Freezes
If your business is looking for an insurance quote, it's important to know that many of our carriers consider insurance scores to be an important and predictive rating element. They obtain an insurance score on all new business applicants, and use the score received at inception on each subsequent renewal.
As a result of the Equifax data security breach that has affected nearly 150 million people, some consumers are placing credit freezes on file with consumer credit agencies in order to minimize the risk of identity theft. When a new business applicant with a freeze in place is quoted, our carriers are unable to obtain their insurance score. This in turn causes their quote to be rated with a neutral score (insurance score code Z), which will likely result in a higher rate than if the quote had been rated with the applicant’s actual score.
Have you placed any freezes on your credit? If so, you may want to lift the freeze while you're getting quotes from insurance companies so that your quotes can be rated with your actual insurance score. This ensures you receive the most accurate rate, and don't get stuck paying extra.
Lifting the Freeze
In order to lift a freeze, you can visit the Experian security freeze portal. Consumer credit agencies are required to lift any freeze within three business days of receiving the request.
After the freeze is lifted, any quotes provided will be rated using your actual insurance score. If you had already asked for a quote before you learned about the freeze, you will need to ask your Marshall & Sterling representative for another quote once the freeze is lifted.
A Note for Central Insurance Companies Customers:
Many of our clients with a Central Insurance Homeowners policy have selected Identity Fraud Protection as an optional coverage. If you have questions, please contact the CyberScout experts at 877-630-8406, and they can help guide you through any Equifax data security breach concerns.