Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Report
Profile Image

Question By
catsthree

0 Contributions
0 People Helped
Why is my home insurance score Very Poor?
Credit score is 773, everything is right up there EXCEPT homeowners ins score, which rates very poor. Have never filed an insurance claim and pay all bills on time. What gives???

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-6 of 6Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
1 Contribution
1 Person Helped
Most Helpful Response

homeowner's insurance explanation is me

Helpful to 1 out of 2 people

Like another person said-Credit Karma and other reporting agencies- have this backwards! In the rest of the world-- a "poor" rating means that you are likely to file an insurance claim NOT that the likelyhood is you won't file a claim. I pay my auto and home insurance once a year and in full and yet my ratings are poor! Fix the tools that don't work and get ones that do their job right and don't mess up our total credit report and credit score.

2 Contributions
0 People Helped

HUh?

I don't file claims on my Homeowners insurance. I pay my insurance bills. So I rate a "poor" and this is good? Insane!

2 Contributions
0 People Helped

Huh????

This is insane! I'm a good customer, so I'm a "poor" risk? Please fix it. I just flipped when I saw this today! Not cool.

1 Contribution
0 People Helped

same question.

Helpful to 0 out of 1 people

I have the same question. I dont eve havve my own house. I am a college students. 

1 Contribution
3 People Helped

Helpful to 3 out of 9 people

There is a description that is right above your credit score on the home insurance credit tab? If you didn’t see it, I have pasted it below. For auto ins and home ins, a poor rating just means you are NOT likely to issue an insurance claim. It does not reflect your payment status.

Home Insurance Score. This score ranges from 150 to 950. It is calculated using data from your TransUnion credit report and is used primarily by home insurance companies to help assess the likelihood that you’ll file an insurance claim. Learn more about different credit scores.

Reply by
Mable8

1 Contribution
2 People Helped
Helpful to 2 out of 3 people

No credit reporting agency has the right to determine if a homeowner's insurance is "poor" or otherwise unless they contact the homeowner's insurance agency OR the insurance agency files like any other business about poor premium payment history etc.  Credit reporting agencies take too many liberties against a person and in the process, manage to ruin many good folks. 

Reply by
Soulforce1

1 Contribution
8 People Helped
Helpful to 8 out of 8 people

Spencki, Thanks for stating the obvious. We can all see the explanation that Credit Karma has plainly posted. The rpoblem with their explanation is that is doesn't give any reasoning or useful explanation regarding what factors are considered or how to improve one's score. What we all want to know is why our home insurance scores don't reflect our good credit histories, our good payment histories, and our no-claim histories. Your assertion that the poor rating indicates we are NOT likely to file a claim is absurdly backward. A POOR rating score on this site and others consistently means that a person is considered a POOR insurance risk and LIKELY to file a claim, not the other way around. Good try though! The only reasonable explanation I could find was a post on the auto insurance thread that asked the same question. It seems that both home and auto insurance scores are in Beta and likely are not functioning correctly. I agree with other posters that we should all complain to Credit Karma so they will remove the faulty tools. If the insurance scoring tools don't work properly and fail to reflect an accurate assessment, they should be removed from the site rather than display bad data!

3 Contributions
0 People Helped

This is FARKED

Helpful to 0 out of 1 people

I bought a house in July. Have been paying on time and faithfully; actually split up the payments to save interest so i pay twice a month. Why would my credit for my HOME INSURANCE  be POOR? 807 Credit Rating: Poor ????   I have never placed a home insurance claim and my credit is very good 740.  this is just rediculous --really?  I buy a house and get punished? paid off my student loan in full ; payments are alwasy ON TIME and more than they should be?  WTF? Who is in charge of this Sh*T?  

I wanna know because this is total BS Credit KARMA. Get your head of our your A**

Results 1-6 of 6Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.