Your credit score doesn’t just impact your ability to get a loan or a credit card—it can also influence your insurance rates. Many insurance companies use credit-based insurance scores to help determine the premiums you’ll pay for auto, home and even renters insurance. Understanding how your credit score affects these costs can help you take steps to secure better rates. Why Insurance Companies Use Credit Scores Insurance providers use credit-based scores because research shows a correlation between credit history and the likelihood of filing claims. Statistics suggest that individuals with lower credit scores tend to file more claims, leading insurers to charge higher premiums as a precaution. Conversely, those with…