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If You Don't Have a CLUE, You Need to get a CLUE

In the past, I have written about the big three credit bureaus… Trans Union, Experian and Equifax. While there are several others, I would like to introduce you to a fourth; ChoicePoint.

ChoicePoint is the company that produces the CLUE reports (Comprehensive Loss Underwriting Exchange) that the insurance companies use to determine your risk, and therefore your rates, for your homeowners and auto insurance.

Much like the credit reporting bureaus, ChoicePoint gets it’s information from the insurance companies. If you file an auto or homeowner’s claim, the nature of the claim and the amount paid is reported to and stored by ChoicePoint. It is then sold to other insurance companies who use the information to determine your rates (and whether or not they will insure you).

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Scott

Your best source for Indiana FHA loans, Indiana USDA Rural Development loans and Indiana 203(k) Streamline loans.

Posted by Scott Swinford on 01/28/2009 12:05 AM

Comments (9)

Insurance in the Mortgage / Finance Channel

credit report, auto insurance, homeowners insurance, choicepoint, clue report

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9 Comments on If You Don't Have a CLUE, You Need to get a CLUE

JAN

Thank you for sharing that I always wonder what the company name is. Have a great week.

thanks for the info, I had no clue that company existed.

Hi Scott,

Yep, we've been using them for a few years now.

I just told my investor about the CLUE reports and he is going to start getting them on his potentional purchases...

I always knew it was recorded someplace but had never thought to track down the location of the information.

Great info here Scott. I didnt know the source but I knew that all insurance and mortgage company's had some consolidate risk profiles on everyone.

I had experiences before with a clue report. .ever since they almost prevented me to sell a home.

it's a good idea to get a CLUE about Clue

APR

As a former insurance agent, I can tell you that what shows up on a CLUE report can keep a person from getting insured. If there is any sign of a claim of water damage in the past, many insurance companies won't write a homeowners policy for the home. Yes, even though it has been fixed!

JUN

CLUE is one of the main reporting systems company use to gather previous claims history. Make sure your agent and the company are aware of any details that can be helpful when purchasing insurance. CLUE reports very basic information and the additional information on a claim can affect whether a company will write you and for how much. Also CLUE items can be disputed just like your credit report. When an insurance policy rates you for information they obtained from CLUE, your agent can provide you with contact information. You can get a full report and dispute the information to get it removed which can save you hundreds or thousands of dollars on your insurance.

We are an independent agency focusing on landlord insurance, investment property insurance, and vacant properties even while being rehabbed.

http://www.getgliga.com

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