Does Home Insurance help credit file?

victoria797

Hello all

I was wondering if having a Home Contents Insurance policy and paying it on a monthly basis show up on the credit file as a healthy payment history?

As the Insurance company states on their agreement that when paying the policy on a monthly basis,the total amount is loaned to the policy holder.

Thanks

InsideInsurance

For the vast majority of insurers no, they dont report it to credit reference agencies

victoria797

Thanks much.Any idea which ones do report to the CRAs? x

InsideInsurance

I cannot think of any insurer that does, some brokers use finance companies like Close Brothers or Premium Finance who are basically traditional lenders which niche products and much more commonly do CRA reporting because of their backgrounds - they also more commonly do CRA checks before offering finance.

On the flip side they are also more likely to actively pursue bad debt, apply fees for late payments and have their own cancellation fees on top of those of the insurer because they are finance companies and all their profits come from the loan business rather than an insurer that makes its profit from the insurance and the credit for monthly installments is as much a convenience for the customer thing as anything else