You’ve always been a good driver; and now your good driving can be rewarded. Through our RightTrack® program, you can install a device in your car that recognizes your safe driving habits, which could earn you a discount of up to 30%. Call (317) 886-0081 to discuss.
by Amanda Prischak on
It’s no secret that drivers face many distractions behind the wheel.
Perhaps no source of distracted driving gets as much attention these days as texting while driving. Policymakers have tackled the problem with legislation banning the dangerous habit. Meanwhile, one state has even created text stops on its major highways.
It sounds crazy, but the next tactic may very well be a radar gun that can detect drivers who text behind the wheel. A company in Virginia is working on just such a device.
It’s uncertain if law enforcement officials in the states that ban texting while driving will use the radar guns. But that hasn’t stopped people from raising questions about whether the technology constitutes an invasion of privacy. Meanwhile, others have questioned the logistics of how the gun knows a driver, rather than a passenger, is texting.
Looking for a great deal on Auto, Home, Business or Life Insurance? Call us at (317) 886-0081 to discuss our options for you. You may also visit our website: Scott Lynch Agency
With all the buzz around the new season of AMC’s The Walking Dead, what if a literal zombie apocalypse happened tomorrow? While it’s highly unlikely that zombies will really take over, it’s good to know that insurance is there to protect you when things go wrong, like a telephone pole falling on your house or your TV getting fried by an electrical surge.
*Terms, exclusions and conditions apply. Deductibles may apply. See your policy for details or talk to your ERIE Agent.
Whatever your regrets in life, your insurance shouldn’t be one of them. Contact me for a no regrets quote from Erie Insurance today. Personalized Get a Quote or call (317) 420-2867.
Get your quote HERE or call us at (317) 420-2867.
You probably know your monthly bills can impact your credit, as late payments or accounts in collections can land on your credit report and bring down your credit score. But are you aware your credit score can affect the payment amount on a number of your monthly bills?
Here are seven monthly bills with payments your credit score can determine.
1. Rent payments
When you apply for a lease, your landlord might request a background check that includes your credit report. They can’t run a background check without your permission, although refusing may prevent you from moving forward with the lease.
According to the Federal Trade Commission (FTC), the landlord can take adverse action if they find red flags in your credit report. This action could include denying your rental application or raising your rent higher than they would charge another applicant. The good news is they are legally required to give you written notice if they take adverse action, provide you the report they used (if you request it within 60 days) and give you the chance to dispute the information.
2. Credit cards
Consumers with good credit tend to qualify for much lower credit card interest rates than those with poor credit. Interest is applied to your credit card balance each month unless you pay it off in full within the monthly grace period. (You can go here to learn more about how credit card interest is calculated.) If you tend to carry a balance month to month, your poor credit could be costing you extra in interest.
Your mortgage payment is also directly affected by your credit. Mortgage lenders consider you a riskier borrower if you have a lower credit score. To hedge against that risk, they will charge you a higher interest rate.
4. Auto loans
Credit scores impact the interest rate lenders offer when you apply for an auto loan. While interest rates vary between lenders, having excellent credit generally results in lower interest and a lower monthly payment. Those 0% financing offers you see on car commercials usually require excellent credit.
Your credit score doesn’t generally affect federal loan payments, but if you plan on financing your education through private loans, lenders can use your credit score to determine your interest rate and fees. The worse your credit, the more interest you’ll pay on the loan.
6. Auto insurance
According to The Zebra’s State of Auto Insurance Report, there’s a correlation between credit and car insurance rates. On a national level, drivers with poor credit can pay more than twice as much as those with excellent credit for insurance. Some states have banned insurance providers from using credit scores to determine rates, but it’s a common practice in the states that allow it.
7. Homeowners insurance
Insurance companies use credit-based insurance scores to determine what you’ll pay for homeowners insurance. These scores are industry-specific and aren’t exactly the same as your credit score, but they use the information in your credit report to determine your score. The same negative marks that bring down your credit score can impact your insurance score, and affect your payment.
Given your credit’s affect on nearly every bill in your mailbox (among other things, of course), it’s important to regularly monitor your credit for errors (you can go here to learn how to dispute those), identity theft or legitimate negative items that are affecting your score. You can pull your credit reports for free each year at AnnualCreditReport.com and view your free credit report snapshot every month on Credit.com. You can generally improve your bad credit by paying down high credit card balances, shoring up accounts in delinquency and limiting new credit inquiries while your credit score rebounds.
More from Credit.com
This article originally appeared on Credit.com.
Brian Acton is a freelance writer and contributor at Credit.com. Several years ago, as he worked to pay down debt and purchase a home, Brian became interested in personal finance and credit. He has been covering these topics ever since. Brian has a BA in History from Salisbury University and an MBA from UMUC. He lives in Maryland with his wife and two dogs. More by Brian Acton