7 Steps To A 720 Credit Score According to Bankrate.com, credit scores heavily impact home and auto insurance coverage and rates. With a poor score, you could be denied insurance outright, which is especially tough in cases where the law requires insurance. People with bad credit are assigned to a higher risk group, as insurance companies are finding a correlation between bad credit and a higher number of claims. The logic being that fiscally irresponsible people might turn to insurance as source of revenue, turn to insurance too frequently, pad claims or make dishonest claims.

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