Insurance carriers risk huge financial losses by insuring high risk individuals. Credit bureaus estimate that between 35 million and 54 million Americans lack credit scores. Companies need an alternative method to verify the creditworthiness of those individuals. If 50% of those drive, it represents a millions of consumers.
Scoring tax returns allows insurance companies to verify historical income and confirm the individual’s likely ability to pay their insurance premium. Tax scoring is a great tool for assessing risk before extending insurance coverage.