Credit scores can lower insurance rates

A new Oregon law, Senate Bill 377, has made it mandatory for insurers to reduce premiums if a consumer's credit scores improves.

There have been more than 8,000 Oregon residents who have benefited from the new law, saving around $100 in each case, according to the Oregon Insurance Division.

"What do you have to lose by asking, really," said Cheryl Martinis, spokeswoman for the division, told the news provider.

Because of the new bill, customers who see a drop in their credit score cannot have their premiums increased. However, individuals who improve their credit history will receive better rates, the report said.

Consumers can check their credit history by reviewing their credit report. You can obtain your credit report for free once every 12 months, thanks to federal law.

Once you have acquired your credit report and look it over you can investigate or dispute any negative claims that could lower your credit score. Many individuals have found it helpful to visit a credit repair company. Talking to a credit lawyer can help you improve your score, making you eligible for better rates.