What does C.L.U.E stand for? Comprehensive Loss Underwriting Exchange
CLUE is a claims-information report generated by LexisNexis®, a consumer-reporting agency. The report generally contains up to seven years of personal-auto and personal-property claims history.
How insurance companies use CLUE reports
An insurer may request a CLUE report when you apply for coverage or request a quote. The company uses your claims history, or the history of claims at a specific property, to decide if it'll offer you coverage and how much you'll pay. Insurance company studies show a relationship between past claims and claims you report in the future.
Why ask for a report?
For buyers and sellers of real estate, this is a good way to check the history of the property for previous claims/problems. Sellers do not have to report issues that have been corrected but a buyer doing his due diligence, this is another layer for checking things out further.
You can check for inaccurate or unrelated information that could be making you pay higher premiums. If you find mistakes, contact LexisNexis Consumer Center at 888-497-0011. They'll verify your information with the reporting insurance company and notify you of the results within 30 days. You can also add an explanation to an item in the report that will show in all future reports.
No comments:
Post a Comment