Credit check?

by Karen
(Toronto, Ontario)

If I am added on my dad's insurance, do they do a credit check on me?

Answer: Insurance and Credit

If your dad's insurer is doing credit checks, and you are added to the policy, your credit will be checked eventually.

Credit checks for insurance rating is becoming a common occurrence with many carriers. There is not a consistent approach yet.

Some insurers are not checking credit at all while others are doing it up front for every application. If your dad's insurer is using credit scoring to determine rates they would likely check your credit at renewal.

What the insurers are doing with the credit checks is not yet uniform either. Some take away discounts, which raises the rates, while a few are going so far as to not renew insured's with poor credit.

Take care

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