Insurance Scoring
Indiana Farm Bureau Insurance provides insurance products and services in the
state of Indiana. We utilize the Attract insurance scoring services provided by
LexisNexis Risk Solutions Inc.. The information below is taken directly from
LexisNexis Risk Solutions Inc.'s website. If you click on either of the links below (FAQ's or
Reason Codes) you will be directed to a new window, providing information
within LexisNexis Risk Solutions Inc.'s website.
LexisNexis Risk Solutions Inc. delivers millions of credit reports and insurance scores to the
insurance industry each year. To protect your rights, the Federal Credit
Reporting Act (FCRA) provides that you are entitled to a free disclosure of
your credit file if you have been adversely affected by such information, i.e,
your insurance coverage has been denied, cancelled or limited, or your premium
has been increased. The information below is basic information to help you
understand LexisNexis Risk Solutions Inc.'s role in providing credit information, what an
insurance score is, and why credit reports are used in insurance underwriting.
We recommend that you access our Frequently Asked Questions (FAQ) for more
in-depth information.
LexisNexis Risk Solutions Inc.'s Role:
LexisNexis Risk Solutions Inc. is a reseller of credit reports and considered a Consumer Reporting
Agency as defined by the FCRA. LexisNexis Risk Solutions Inc. delivers credit reports from credit
bureaus (Equifax, Experian, TransUnion) to the insurance industry. We are not
able to correct or otherwise alter the information contained on a credit
bureau's credit report. However, if your report was ordered from LexisNexis Risk Solutions Inc.,
on behalf of an insurance company, we can facilitate the dispute of information
that is inaccurate, incomplete or out-of-date on your credit report. If you
have been adversely affected by your credit report, please follow our dispute
procedures.
The use of credit and insurance scores in the insurance industry:
Insurance companies use credit reports, along with an insurance score, to
accurately calculate risk. Studies have shown a correlation between the
financial history of a person and his/her future insurance loss potential. As a
result, insurance companies incorporate the use of insurance scores in their
pricing and underwriting to enable them to offer insurance coverage to more
consumers at a fair cost.
If you have been adversely affected by your credit information, the Consumer
Reporting Agency that provided it shall, upon your request, clearly and
accurately disclose to you all information in your file at the time of your
request. However, the FCRA does not require a Consumer Reporting Agency to
disclose to a consumer any information concerning insurance scores to the
consumer.
However, LexisNexis Risk Solutions Inc. believes information regarding insurance scores and reason
codes is valuable to consumers and offers our LexisNexis Risk Solutions Inc. AttractTM insurance
score, along with a credit report, on www.choicetrust.com at a charge.
LexisNexis Risk Solutions Inc. is the leading provider of insurance scores. However, in addition
to the LexisNexis Risk Solutions Inc. Attract Score, there are other insurance score models that
may be used by insurance companies. To find out more information on insurance
scores, please access our FAQs.
LexisNexis Risk Solutions Inc. Attract Reason Codes:
To provide a better understanding of the LexisNexis Risk Solutions Inc. Attract score, we are now
offering expanded reason codes. If you received a notice from your insurance
company that shows LexisNexis Risk Solutions Inc. Attract was used and you have the reason codes
associated with your score, select the reason code number below and you will
receive the expanded explanation for what the reason code means.
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