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How Providers Can Use Your Financial Information

Nowadays, it seems that so many facets of life hinge on having a good credit score. Few people realize, however, that your score can impact more than your ability to secure a loan for that shiny new car or secure low auto refinance rates for your current vehicle. It also can affect what auto insurance premium you will end up paying for that new car. Thanks to the Fair Credit Reporting Act, it is legal for providers to check into an applicant's financial history when deciding whether to issue a new policy or renew an ongoing policy. This practice is common for all types of coverage, including auto and homeowner's. It is also legal to use a consumer's report to determine what premiums that individual will need to pay.

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