TAILIEUCHUNG - Need Credit or Insurance? Your Credit Score Helps Determine What You’ll Pay

The availability of crop insurance for a particular crop in a particular region is an administrative decision made by USDA. The decision is made on a crop-by-crop and county-by-county basis, based on farmer demand for coverage and the level of risk associated with the crop in the region, among other factors. In areas where a policy is not available, farmers may request that RMA expand the program to their county. The process usually starts with a pilot program in order for RMA to gain experience and test the program components before it becomes more widely available. Alternatively, a policy can. | FTC Facts Credit For Consumers July 2007 Federal Trade commission For The consumer 1-877-ftc-help Need Credit or Insurance Your Credit Score Helps Determine What You ll Pay Ever wonder how a lender decides whether to grant you credit For years creditors have been using credit scoring systems to determine if you d be a good risk for credit cards auto loans and mortgages. These days many more types of businesses including insurance companies and phone companies are using credit scores to decide whether to approve you for a loan or service and on what terms. Auto and homeowners insurance companies are among the businesses that are using credit scores to help decide if you d be a good risk for insurance. A higher credit score means you are likely less of a risk and in turn means you will be more likely to get credit or insurance or pay less for it. The Federal Trade Commission FTC the nation s consumer protection agency wants you to know how credit scoring works. What is credit scoring Credit scoring is a system creditors use to help determine whether to give you credit. It also may be used to help decide the terms you are offered or the rate you will pay for the loan. The FTC wants you to know how credit scoring works. Information about you and your credit experiences like your bill-paying history the number and type of accounts you have whether you pay your bills by the date they re due collection actions outstanding debt and the age of your accounts is collected from your credit report. Using a statistical program creditors compare this information to the loan repayment history of consumers with similar profiles. For example a credit scoring system awards points for each factor that helps predict who is most likely to repay a debt. A total number of points a credit score helps predict how creditworthy you are how likely it is that you will repay a loan and make the payments when they re due. Some insurance companies also use credit report information along .

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