I am an Amica customer. Today, I got my insurance renewal in the mail, and it listed the criteria for using insurance scores. They pulled Equifax for me. It said that I could get a free copy of my Equifax report if I disagreed with my renewal premium. I plan on getting the free credit report. Here are the pertinent parts. I am interested to see how people interpret the first paragraph. Do you read it as new accounts in the past 6 months, or all accounts on your credit report?
"Number of Accounts Reported Within 6 Months - Industry research shows that consumers with a large number of reported accounts have more insurance losses. Our score considers the number of accounts reported by your creditors within the last 6 months. To improve this aspect of your score, open new accounts only when needed.
Age of Newest Account - Industry research shows that consumers with recently opened accounts experience more insurance losses. Our score considers how long it has been since you opened your last account. To improve this aspect of your score, consider keeping your oldest accounts active and only open new accounts when needed. In order to achieve the best rating, the age of your most recently opened account must be at least 3.5 years old.
Number of Department Store Accounts - Industry research shows that consumers who open more accounts with department stores experience more insurance losses. Our score considers the number of accounts you have opened with department stores. These accounts can be currently opened or closed. To improve this aspect of your score, open new accounts only when needed, as once you have opened the account and regardless of whether you use it or not, your score will be impacted by this factor.
Percent Open Bankcard Accounts to All Open Revolving Accounts - Industry research shows that consumers who have a higher proportion of open bankcard accounts to open revolving accounts have fewer insurance losses. Bankcard accounts are defined as revolving accounts for banks, bankcard companies, national credit card companies, saving and loan associations and credit unions. Revolving accounts include credit cards and credit lines and are considered open if they have not been reported as closed. Our score considers the number of open bankcard accounts relative to the number of open revolving accounts on your credit report. To improve this aspect of your credit score, consider using fewer sources to obtain goods and services. In addition, be careful not to maintain high balances on bankcard accounts."
Thanks.
