In understanding your CLUE Insurance, insurance companies use a number of variables when determining premiums, including the replacement value of the covered asset, your location, claims history, and credit score. Your CLUE insurance report, however, is a significant rating element that you might not be aware of. You have separate CLUE reports for your history of house and vehicle claims, and insurers evaluate these data as part of their risk assessment procedure.
Make sure your CLUE report is precise; inaccuracies could prevent you from receiving the best prices or perhaps result in a policy denial. To help you understand how this report affects you, we’ve broken it down in greater depth below. Additionally, we’ll describe how to acquire your free copy.
A CLUE Report is what?
Comprehensive Loss Underwriting Exchange is known as CLUE. It’s a claims-history database produced by LexisNexis, a consumer reporting company that leverages data and cutting-edge analytics to support its clients’ decision-making and risk management.
Your claims information is compiled into a CLUE report, which includes information on your losses and house and auto insurance coverage. Only you, your insurance, and the mortgage lender for your property have access to it. You can ask LexisNexis for a free copy of your report to see what it reveals (keep reading for instructions on how to do this).
What’s in Your CLUE Report
The CLUE database receives information about your insurance policy from your insurance company, including:
- Policy number
- Information about claims (dates and types of losses, amounts paid, etc.)
- Description of the covered property
- residential address (homeowners claims)
- automobile information (auto claims)
The CLUE database only keeps your house and vehicle claim history for a maximum of seven years and does not maintain any other data sources like credit reports, criminal histories, court decisions, or civil lawsuits.
99% of auto insurers and 96% of property insurers, according to LexisNexis, subscribe to CLUE. Only insurance companies that subscribe can contribute to or view CLUE reports, so it’s probable that yours does as well.
What Your CLUE Report Means to Insurance Companies
Your CLUE report is the only tool used by insurance companies and their representatives to evaluate and rate new policies. Because all claims you’ve filed with them since your policy began are already in their database, the majority of insurers won’t request another CLUE report at renewal. 8
The Fair Credit Reporting Act permits LexisNexis to create one when an insurance provider asks for one or when the data is used to evaluate a policy you apply for.
How to Receive a Copy of Your CLUE Insurance Report
Requesting a copy of your report is crucial so you may look for any incorrect or irrelevant information that might have an impact on your insurance price or eligibility. The Fair and Accurate Credit Transactions Act, which replaced the Fair Credit Reporting Act in 2003, gives you the right to free CLUE reports on your home and vehicle claims history every 12 months. You can ask LexisNexis for your CLUE reports by:
- online application
- contacting 866-897-8126 or 800-456-6004
- submitting a request form via postal mail to the LexisNexis Risk Solutions Consumer Center at Atlanta, GA, 30348-5108, P.O.
If your insurer sends you an adverse action letter—a letter stating that you were not provided the best insurance rate, were denied coverage, or had your coverage limited—you can also request a free copy of your report. It will also send one if the insurer terminates your coverage or raises your prices. Contact the LexisNexis Consumer Center at 800-456-6004 to request your free CLUE report, regardless of the precise cause. Be ready to supply your name, address, Social Security number, license number, and letter reference number (if applicable).
What You Can Do To Fix Errors On Your Insurance Report
Contact the LexisNexis Consumer Center at 866-897-8126 or 800-456-6004 if you see a mistake on your CLUE report. The insurer will be contacted by LexisNexis on your behalf, and after receiving a request for proof of the accuracy, the insurer has 30 days to respond. If the business doesn’t react in a timely manner or has insufficient justification, LexisNexis will delete the information from its database.
To your CLUE report, you can add notes that other insurance companies can see. For instance, you can mention that the entire tree was cut down if your home report includes a claim for damage from a falling tree branch. However, notes cannot be added to your report or the database by the insurer.