Don’t Be Afraid Of Soft Credit Checks. They Could Save You Money.

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Did you know that having a soft credit check on your credit score could save you money on your home and private car insurance? It’s true! Many insurance brokers are willing to offer a “good credit discount” – if they don’t already offer it. Most insurers could and should offer the discount, though, as they will risk losing business to a competitor if they do not. Read on to learn more about credit scores, soft credit checks, and how much savings on insurance one can expect from such a discount.

Soft Credit Checks vs. Hard Credit Checks

The main difference between a soft credit check vs. a hard credit check is that soft credit checks don’t affect your credit, whereas hard credit checks can affect one’s credit. This is the case because soft credit checks are more of just a check-up per se, and one should be able to check on things as often as wanted. However, hard credit checks are when someone officially requests extra credit for some financing, so it’s essential information on someone’s credit report. If someone asks for credit & financing from too many lenders too often at once, that’s not a good sign.

The vital thing to take away from this is that soft credit checks do NOT affect one’s credit score, so getting soft credit checks done from time to time is definitely OK – and advised. Being able to see & show your (good) credit score can have several benefits, including savings on insurance if your credit is strong enough. Keep reading to learn more about what a good credit score is, what goes into building good credit, and what kind of savings can be had for those with solid credit reports.

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Good Credit Scores

Credit scores fall in a range between 300 to 850. There are a few different opinions on what classifies as a good score, but the consensus is that a score of 700 or higher is generally considered good. Scores of 750+ are very good, and scores of 800+ are deemed exceptional. Scores below 650 fall into the fair or (very) poor range, and most credit scores are in the 650 to 750 range.

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How To Build Good Credit

The only way to build good credit is to have a history of paying financing bills on time. To do this, one must first have bills to pay and consistently pay bills on time. Most people start having a credit history once they get their first credit card, but other common financing scenarios include; student loans, car loans, and mortgages. There are others, but these are the most common forms of financing that one deals with. You will continue to build your credit if you pay your bills on time.

Home & Car Insurance Savings From Good Credit Scores

If you find yourself with a strong credit report & score, you may be able to squeeze some extra savings from your insurance costs. Many insurance companies now offer a “good credit discount” on home and car insurance. These discounts are not huge (usually falling in the 5%-20% discount range), but they can save someone hundreds of dollars a year in insurance costs!

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The Bottom Line on Credit Scores & Insurance

If you don’t know your credit score, make sure to look into getting a ‘soft check’ done on your credit ASAP. Remember, soft credit checks won’t hurt your credit score, so there is no need to worry about that. Having a good idea of what’s on your credit report is always good. Especially since having a good credit score may give you up to 20% discount on your home and car insurance! Speak to an insurance broker at Harbord Insurance today to learn more about this discount!


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