Credit Ordering No Longer Automatic
Credit scores are no longer automatically ordered in Spectrum. It will be your responsibility as an agent to order a credit score during the quoting process for new business.
DO ORDER A CREDIT SCORE IF:
If the policy has Coverage A or Coverage C and…
If the named insured is an individual or a married couple, or…
If the first named insured is an entity but there is an individual also listed as a named insured.
DO NOT ORDER A CREDIT SCORE IF:
If the policy does not contain Coverage A or Coverage C or…
There is no individual listed as a named insured. Underwriting will work with you to order a score when no individuals are listed as a named insured but the policy does have Coverage A or Coverage C.
Here’s how you can order a credit score for policies that meet the criteria above:
Navigate to the “Policy Insured” tab in Spectrum
Click the file cabinet icon to order a credit report in the top right corner.
Once you order the credit score, the financial responsibility factor will be applied automatically.
If the agent fails to order the credit score when required, it will be ordered during underwriting and may have an impact on the premium. The premium is only accurate after the financial responsibility factor is applied.
*For Agent Use Only*