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Why Do We Need Your Social Security Number?
By providing us with your Social Security
Number (SSN), we’re able to give you a true picture of what your
insurance costs will be if you choose Electric Insurance for your insurance
needs.
Your SSN allows us to locate your credit-based information
easily, and provide you with an accurate quoted rate. Insurance companies
use credit-based information in most states when evaluating insurance
risks in order to determine a consumer’s pattern of credit management.
Some credit factors considered when evaluating an insurance risk are:
payment history, public records such as bankruptcies or judgments, outstanding
debt, and length of credit history scores. Typically the higher the credit
score, the better the insurance risk. Individuals with favorable credit
history tend to file less expensive claims. Using credit to supplement
our underwriting process helps us to make precise underwriting decisions.
This results in more competitive and affordable rates for you.
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