We all hear how important it is to have great credit and keep your credit report sparkling – without error – so you’ll have the best report you can have. You should check it regularly to keep track of your financial health and guard against identity theft. 
Not known to many is that there are other reports that also change the way companies see you? Insurance companies obtain reports that could mean the difference of hundreds or even thousands of dollars per year in increased premiums. You need to know what’s in this report and if the information is accurate.
The report is called Comprehensive Loss Underwriting Exchange, or C.L.U.E. Insurance companies use it to decide how high-risk your insurance profile is. They could raise your rates or deny you coverage based on that information. On every quote we offer, the insurance premium is partially based on what your C.L.U.E report shows.
C.L.U.E. is broken into two separate reports. The C.L.U.E. Personal Property Report deals with your homeowner and renter history for the last seven years. It includes any residential insurance you’ve had, your loss history, inquiry history and insurance claims you’ve made.
The C.L.U.E. Auto Report does the same thing for your car insurance. You can see reported losses, including the date, type, amount paid, insurance claim numbers and more. You’ll want to grab both.
How to GET your reports!
To get started, visit the LexisNexis Personal Reports page. Once you’re on the site, scroll down below the Personal Property Report section to where it says “Order Options.” You can order online, through mail or over the phone. To order online, select the button that says “Both reports” and click the big red “Order Now” button. You’ll have to sign up for an account with LexisNexis before you receive your report, but it’s free.
Once you have the reports, make sure you print them for your personal records so you don’t have to request new ones for a while. Each request you make shows up on the report, and so do most report requests from qualified insurer.
Like any insurance or financial report, making sense of the information can take a little work. There’s also the possibility you might spot incorrect information that can hurt your insurance chances.
How to READ your reports!
The report is organized into three sections: Reported Claim History, Possible Related Claims and Inquiry History. All three show information from the last seven years.
Reported Claim History and Possible Related Claims sections tell insurers how many insurance claims have been made in your name over that time span. They can then use this information when deciding your premiums and coverage.
Inquiry History shows how many times your C.L.U.E. reports have been requested and who requested them. Any time you request your report, it will show up in the report as “LexisNexis.” As on your credit report, a lot of inquiries can be a red flag for insurers.
How to CORRECT ERRORS on your reports!
One reason to check your report is the chance there could be incorrect information. That could lead to higher premiums and denial of coverage, even if you weren’t responsible. Fortunately, you can file a claim to correct this information using the contact information you’ll find on the bottom of the report.
The investigation into your claim can take as long as 30 business days. If the investigation does not yield any results, you can submit a personal statement that will appear along with your report. This gives you a chance to explain the situation to a potential insurer.
There are no hard and fast rules about how insurers use this information. They vary from company to company but it doesn’t hurt to tell your side of the story so you can make sure you’re getting the best rates for your insurance.
We don’t see many errors on C.L.U.E. reports but occasionally, there are some and the above direction is what we recommend our customers take to fix things. As I’ve often said, there’s much more to insurance than lowest premiums and “some” coverage. We’re here to help you or any customer sort through the maze of insurance so you can get the best offer for the best coverage’s and we think, from the best folks – US! Contact any of our staff at 615.377.1212 or EMAIL us at info@BentonWhite.com We’re here and ready to earn your business!
[Portions of this article reprinted from an online release: “Free report shows auto and personal insurance claims” By Kim Komando Staff]
