How Can I get a CLUE About Choicepoint's Reports?
"For years, the public has known little about a database that helps the nation's insurance companies determine how much to charge their customers for auto and homeowners coverage - or whether they will cover them at all.
But CLUE reports - short for Comprehensive Loss Underwriting Exchange - are secret no longer. Under the Fair and Accurate Credit Transactions Act of 2003, consumers now can order, for free, two detailed reports covering five years of claims on their home and car policies.
The CLUE database is maintained by ChoicePoint of Alpharetta, Ga., which allows consumers to order each of the two types of CLUE reports online within seconds, review them immediately and, if needed, request any incorrect information be fixed.
Ordering your CLUE report can be just as important as obtaining your credit report, given the thousands of dollars many families spend each year to insure their homes and automobiles. The reports are used with other information to set rates and approve coverage.
Because the reports are such important tools for insurance companies, it is critical that consumers fix any errors and, in some cases, add statements to their reports. For example, if your dog bit a neighbor who filed a claim for medical costs on your homeowners insurance policy, you could request that a statement indicating you no longer own the dog be included in your CLUE report.
Already, CLUE reports are becoming an important tool for savvy consumers, said Chuck Jones, ChoicePoint spokesman.
For example, a number of home buyers now are making offers on homes contingent upon receiving a favorable CLUE homeowners report from the home seller, Jones said.
"This is something a lot of home buyers want to see well in advance of closing now," he said.
Why are CLUE reports important to home buyers? They detail the type and magnitude of damage to homes that can cause future costly repair headaches or make the house prohibitively expensive to insure. In some cases, a costly claims history on a home may make it difficult for a buyer to even obtain coverage at all.
CLUE reports, for example, may document whether a property has had water damage or a faulty roof and the extent of the damage.
Jones said home buyers may want to consider providing a copy of a property's CLUE report to their home inspector to ensure problems documented in the reports have been fixed."
Full article from the Salt Lake Tribune
But CLUE reports - short for Comprehensive Loss Underwriting Exchange - are secret no longer. Under the Fair and Accurate Credit Transactions Act of 2003, consumers now can order, for free, two detailed reports covering five years of claims on their home and car policies.
The CLUE database is maintained by ChoicePoint of Alpharetta, Ga., which allows consumers to order each of the two types of CLUE reports online within seconds, review them immediately and, if needed, request any incorrect information be fixed.
Ordering your CLUE report can be just as important as obtaining your credit report, given the thousands of dollars many families spend each year to insure their homes and automobiles. The reports are used with other information to set rates and approve coverage.
Because the reports are such important tools for insurance companies, it is critical that consumers fix any errors and, in some cases, add statements to their reports. For example, if your dog bit a neighbor who filed a claim for medical costs on your homeowners insurance policy, you could request that a statement indicating you no longer own the dog be included in your CLUE report.
Already, CLUE reports are becoming an important tool for savvy consumers, said Chuck Jones, ChoicePoint spokesman.
For example, a number of home buyers now are making offers on homes contingent upon receiving a favorable CLUE homeowners report from the home seller, Jones said.
"This is something a lot of home buyers want to see well in advance of closing now," he said.
Why are CLUE reports important to home buyers? They detail the type and magnitude of damage to homes that can cause future costly repair headaches or make the house prohibitively expensive to insure. In some cases, a costly claims history on a home may make it difficult for a buyer to even obtain coverage at all.
CLUE reports, for example, may document whether a property has had water damage or a faulty roof and the extent of the damage.
Jones said home buyers may want to consider providing a copy of a property's CLUE report to their home inspector to ensure problems documented in the reports have been fixed."
Full article from the Salt Lake Tribune
posted by Dave at 11:36 AM
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