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·    Make a realistic saving and spending plan and stick to your budget. You are responsible for what you borrow. Examine your financial situation to make sure you are able to repay your debt.

·    Check monthly statements and report inaccuracies or mistakes immediately.

·    Annually request a copy of your credit report. Review for accuracy and correct all errors in writing. Over time, responsible use of credit can improve a customer’s insurance score.

Know your credit history

There is a good chance your current or prospective insurance company will consider financial stability as part of its rating process. Insurance scores are based on information from credit reports from the three major credit reporting agencies (see below). It is important to review your credit history and correct any errors. New Jersey and federal law entitles consumers to a free report each year from each of the major credit reporting agencies.

The federal Fair Credit Reporting Act requires an insurance company to tell you if they have taken an “adverse action” against you, in whole or in part, because of your credit history. If your insurance company tells you that you have been adversely affected, they must also tell you the name of the credit reporting agency that supplied the information so you can get a free copy of your report and correct any errors.