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is car insurance helps to credit score ???

piniguotis
piniguotis Posts: 47 Forumite
in Insurance & life assurance
hello,
is car insurance helps to my credit score, if car insurance is on my name and moneys go out from my account ????
Many Thanx

Comments

  • Oscar_The_Grouch
    Oscar_The_Grouch Posts: 2,246 Forumite
    Part of the Furniture Combo Breaker
    Hi

    Errm.... No.

    Insurance has nothing to do with your credit score.
    In the beginning, the universe was created. This made a lot of people very angry and was widely regarded as a bad move.
    The late, great, Douglas Adams.
  • piniguotis
    piniguotis Posts: 47 Forumite
    i was thinking because i pay monthly for it, so they report credit referencing agency about it.

    that i pay on time etc
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    Car insurance isn't a credit agreement so no.
  • piniguotis
    piniguotis Posts: 47 Forumite
    _Andy_ wrote: »
    Car insurance isn't a credit agreement so no.

    im looking to my incurance and it says :

    "This credit agreement is for payment of your QUInn-direct Insurance premiums by direct debit installments"

    so it is credit agreement, thats mean i pay correctly and my score will improve ??? im right ???
  • darcyvuqua
    darcyvuqua Posts: 2,459 Forumite
    i dont agree i had to sign a credit agreement for my insurence and i pay monthly too but nothing on my credit file so this is a very sensible question
    you cant change yesterday
    but you can make tomorrow better
  • nickmack
    nickmack Posts: 4,435 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    _Andy_ wrote: »
    Car insurance isn't a credit agreement so no.

    If you pay monthly you have a credit agreement and the creditor may give information to Experian etc.
  • dunstonh
    dunstonh Posts: 120,351 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    car insurance has no impact on your credit score but if you pay monthly then some providers will only allow this under a credit agreement (actually most do nowadays). Defaulting on this would impact on your credit score.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • darcyvuqua
    darcyvuqua Posts: 2,459 Forumite
    why is it fair only to report defaults rather that good payment history its not fair at all
    you cant change yesterday
    but you can make tomorrow better
  • piniguotis
    piniguotis Posts: 47 Forumite
    ok thanx you all :)
This discussion has been closed.
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