Many people don't know that the insurance industry follows a claims history database known as CLUE Report that affects your insurance rates. You must check your insurance report to ascertain that all the details are accurate. Here's what you should know about your CLUE Report.
In the insurance business, CLUE stands for Comprehensive Loss Underwriting Exchange. It is a database created by a consumer reporting agency LexisNexis that keeps track of insurance claims. The insurance providers can generate a report of your home and auto insurance claims history from this database. According to LexisNexis, 99 percent of auto insurers and 96 percent of property insurers subscribe to this service.
Your CLUE Report contains your name, birthday, policy number, and list of insurance claims you've filed. It also lists the address, property description, and vehicle information. The report may list claims even when you received no payout. No other personal data is stored in this system which only tracks the past seven years of claims.
The only purpose of a CLUE Report for insurance providers is to serve as a reference for underwriting a new policy and to set insurance rates. There's not much need for your insurance company to review your report when you renew your policy. Once you establish an account, the insurer has your claims history in its system. The consumer reporting agency, LexisNexis, is entitled to research and generate your claims history under the Fair Credit Reporting Act.
When applying for a new insurance policy, requesting a copy of your CLUE Insurance Report is a good idea to ensure it's accurate and up-to-date. Contact LexisNexis Risk Solutions Consumer Center at (800) 456-6004 or (866) 897-8126. You may mail your request form to P.O. Box 105108, Atlanta, GA 30348-5108. You can also apply online.
If you find mistakes on your CLUE Insurance Report, call LexisNexis at one of the above phone numbers. The company will contact your insurer to confirm the information within thirty days. If the insurance provider misses this deadline, LexisNexis will remove the contested information from its database.
Only you can add to the information provided in the report and not your insurer. Also, when shopping for a new home, you can find out the claims history of a property through a licensed real estate agent, and they can then request a claims report from the property owner.
For more details on your CLUE report and how it can affect your home and auto insurance rates, contact us at C.V. Mason Insurance Agency. Our insurance experts will be happy to discuss your insurance policy and report.