West Palm Beach bankruptcy lawyers

How your Credit Score can affect your Insurance Quote

Recently, insurance companies have linked financial responsibility with personal responsibility. For this reason, people who have bad credit will get higher quotes on their insurance, regardless of how long they have been with the company or how good their driving record is.

In some cases, missing as little as two payments on a credit card may lead to your premium doubling. An insurance company may even decide to terminate your policy. Many people are asking if these associations are even valid. How does not paying a bill on time translate into driving unsafely on public roads?

According to the National Association of Independent Insurers, “Research indicates that people who manage their person finances responsibly tend to manage other important aspects of their life with the same level of responsibility and that would include being responsible behind the wheel of their car or in maintaining their home.”

Use of Credit Score Unfair

Critics of the new measure believe that this policy affects only the working class and punishes those individuals and families that are already struggling. Most of the Americans who have bad credit are blue collar workers. Critics go on to argue that the struggling economy has put particular stress on these individuals. A medical emergency in these cases could be even more devastating.

In light of these developments, it is becoming increasingly important to have a good credit rating for almost all areas of your life. If you are having trouble in this area, it may be beneficial to seek the help of an experienced bankruptcy attorney. Contact the law office of West Palm Beach bankruptcy lawyer Eric N. Klein by calling 561-353-2500.