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Our myFICO contributor Thomas Thumb posted the following over at Credit Karma back in Nov 2015. You'll see that an 810 is classified as Poor. It would be interesting to hear TT chime in on this thread now. Does he think that the interpretative range he received in Nov 2015 is likely to be roughly accurate today?
https://www.creditkarma.com/question/what-is-a-good-auto-insurance-score
Credit Karma's free credit based Auto insurance score comes directly from TransUnion (TU). I purchased my score direct from TU and it matches what CK lists. Listed below is an approximate rating breakdown by category [score range 150 to 950].
TU Auto insurance score .... Category Rating
895 and above .........................Very Good
860 to 894 ............................... Good
825 to 859 ................................ Fair
760 to 824 ................................ Poor
759 and below .......................... Very Poor
My Auto insurance score is 902 (from CK and direct from TU). For comparison my TU Fico 8 Auto enhanced score was 897 [range 250 to 900] and TU VantageScore 3.0 is 833 [range 300 to 850]
Note: credit based Auto insurance scores do not consider driving record or prior claim history. Insurance companies look at those factors and your zip code location to develop a composite risk score for determining insurability and premiums.
@Anonymous wrote:Our myFICO contributor Thomas Thumb posted the following over at Credit Karma back in Nov 2015. You'll see that an 810 is classified as Poor. It would be interesting to hear TT chime in on this thread now. Does he think that the interpretative range he received in Nov 2015 is likely to be roughly accurate today?
https://www.creditkarma.com/question/what-is-a-good-auto-insurance-score
Credit Karma's free credit based Auto insurance score comes directly from TransUnion (TU). I purchased my score direct from TU and it matches what CK lists. Listed below is an approximate rating breakdown by category [score range 150 to 950].
TU Auto insurance score .... Category Rating
895 and above .........................Very Good
860 to 894 ............................... Good
825 to 859 ................................ Fair
760 to 824 ................................ Poor
759 and below .......................... Very Poor
Note: credit based Auto insurance scores do not consider driving record or prior claim history. Insurance companies look at those factors and your zip code location to develop a composite risk score for determining insurability and premiums.
As one would expect rating classification for a given CBIS score ties to the model used to generate the score. No such thing as a universal score rating across CBIS models. Pasted below are CBIS ratings direct from the model creators.
The above table, culled from looking at CK summaries, remains a reasonable approximation of TU's official rating for Good and Very Good. However, it is overly harsh when assigning ratings of Fair, Poor and Very Poor based on letter grades from TU assuming [A = Very Good, B = Good, C = Fair, D= Poor, F = Very Poor]
For more discussion on CBIS look at posts in the below link
TransUnion CBIS (uses TransUnion CRA data and other info):
LexisNexis CBIS (uses Equifax CRA data and other info):
The above from LexisNexis lacks granularity.
Ultimately insurance companies segment score into finer increments such as done by West Bend insurance in the below chart:
@Anonymous wrote:Our myFICO contributor Thomas Thumb posted the following over at Credit Karma back in Nov 2015. You'll see that an 810 is classified as Poor. It would be interesting to hear TT chime in on this thread now. Does he think that the interpretative range he received in Nov 2015 is likely to be roughly accurate today?
https://www.creditkarma.com/question/what-is-a-good-auto-insurance-score
Credit Karma's free credit based Auto insurance score comes directly from TransUnion (TU). I purchased my score direct from TU and it matches what CK lists. Listed below is an approximate rating breakdown by category [score range 150 to 950].
TU Auto insurance score .... Category Rating
895 and above .........................Very Good
860 to 894 ............................... Good
825 to 859 ................................ Fair
760 to 824 ................................ Poor
759 and below .......................... Very Poor
My Auto insurance score is 902 (from CK and direct from TU). For comparison my TU Fico 8 Auto enhanced score was 897 [range 250 to 900] and TU VantageScore 3.0 is 833 [range 300 to 850]
Note: credit based Auto insurance scores do not consider driving record or prior claim history. Insurance companies look at those factors and your zip code location to develop a composite risk score for determining insurability and premiums.
Your auto insurance score is not correct. Please see below...
Smart Credit’s auto credit score range is between 350 and 850:
Great or Excellent
775-850
Good or Very Good
685-774
Normal or Average
615-684
Below Normal or Poor
515-614
Bad or Very Bad
350-514
@Medic981 wrote:
Your auto insurance score is not correct. Please see below...Smart Credit’s auto credit score range is between 350 and 850:
Great or Excellent
775-850
Good or Very Good
685-774
Normal or Average
615-684
Below Normal or Poor
515-614
Bad or Very Bad
350-514
You appear to be quoting from this page:
https://blog.smartcredit.com/2010/05/01/what-is-an-auto-credit-score/
...which is about Auto Credit Scores, not Auto Insurance Scores. Not the same thing. The ranges listed by CGID and TT are correct for the Transunion Auto Credit-Based Insurance Score (TU Auto CBIS). LexisNexis also has their own Auto Insurance Score product, with a different range.
Also, that page has several issues - it correctly mentions FICO Auto Industry Option Scores, but then proceeds to show a score range table based on 350-850. (But FICO Industry Options are on a 900-point scale.) It also tries to imply that their (paid!) service will provide those scores, when it fact it only supplies VantageScores and their own "house-brand" internal scores.
See section 7.1 here: https://www.smartcredit.com/help/terms-and-privacy/service-agreement.htm
7.1. Our Scores
When you become a Member, we will receive your VantageScore® Credit Score from one or more credit bureaus. However, we reserve the right to use our own internally developed score if necessary depending on the ability of a given credit report to generate a normal credit score.
All of our Scores may not be used to grant credit. They are estimates and are for educational purposes only.
It's basically creditkarma.com (EQ/TU) plus credit.com (EX), but with a monthly fee!
Looking at the rest of the "smartcredit" site... don't take them as a credible source for anything, and certainly don't pay them for anything!
The TU Auto CBIS from CreditKarma is at least a real insurance score, and CK doesn't charge for it (or for the EQ/TU VantageScores).