What is an insurance score?
Most insurance companies use a type of insurance score model. TransUnion is the company that supplies Pioneer State Mutual with insurance scores for potential policyholders. Most insurance scores are comprised of a person’s credit information, including but not limited to the following reports: how often an applicant has applied for credit, the amount of credit available, whether he/she has ever had a debt submitted to collections, current credit balances, and late payment history. The insurance score is one of many factors used in determining a policyholder’s premium.