| September 14, 2015

Bad Credit? Worse insurance

Homeowners with a low credit scores pay more for homeowner’s insurance.

Exactly one year ago, Consolidated Credit reported a disturbing trend

Homeowners with an average credit score pay 29 percent more than those with sterling credit. And homeowners with poor credit shell out 50 percent more than those with great credit in 37 states including Washington D.C.

 
Those facts were discovered by the InsuranceQuotes.com, so the website repeated the study for 2015. With the rebounding economy and robust housing market, you might think this disparity between good and bad credit scores would ease a little.

Instead, it’s gotten worse.

While last year’s average among those sampled states was 91 percent, this year InsuranceQuotes concludes, “People with poor credit pay at least twice as much as people with excellent credit in 38 states and Washington, D.C.

The worst places for a volatile mix of homeowner’s insurance and low credit were West Virginia (202 percent increase for those with bad credit), Washington, D.C., and Ohio (tied at 185 percent) and Montana (179 percent).

“In most states, insurers are putting more emphasis on credit scores this year,” says Laura Adams, insuranceQuotes.com’s senior analyst. “The impact of a poor credit score is higher now than it was last year.”

In total, 29 states plus Washington, D.C., were higher, while only 17 states were lower.

Of course, poor credit can cost you in many ways, from qualifying for a mortgage to raising your car insurance rates. The solution? Read Consolidated Credit’s free advice section, How to Repair Your Credit. For a free debt analysis, call a certified credit counselor at or complete our online application.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

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Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

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Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

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