VF Corp. Employees: How Your Credit Score Influences Your Insurance Premiums

Healthcare Provider Update: Healthcare Provider for VF Corp VF Corporation partners with various healthcare insurers for employee benefits, with notable engagement from UnitedHealthcare. This partnership allows them to provide comprehensive healthcare options to their employees, aligning with the company's commitment to employee health and well-being. Potential Healthcare Cost Increases in 2026 As VF Corp looks ahead to 2026, significant increases in healthcare costs are anticipated. The Affordable Care Act (ACA) marketplace is set to experience premium hikes averaging around 20%, driven by escalating medical costs and the looming expiration of enhanced federal subsidies, which could raise out-of-pocket premiums by over 75% for the majority of enrollees. Major insurers are reporting substantial financial pressures, exacerbated by rising labor costs, drug pricing, and ongoing inflation, leading to an uncertain outlook for both employees and employers in managing healthcare expenses. Click here to learn more

As an employee of VF Corp. you may find it interesting to know, one landmark study found that credit-based insurance scores are used by about 95 percent of all auto and home insurers in calculating the cost of insurance to individuals.

While the vast majority of insurance companies use credit-based insurance scores to help determine the price of insurance, it is banned in the states of Massachusetts, Hawaii, and California. Some states only allow it as a factor for property insurance like auto and homeowners insurance. Other states allow it to be used with any type of insurance.

Several Factors

Generally, an insurance company will use a credit-based insurance score as just one factor in its underwriting process. We'd also like to remind our VF Corp. clients that other factors may be considered, depending on the type of insurance. For example, with auto insurance, other factors could include your zip code, the age of the drivers, the make, model and age of the car, and the number of miles you drive annually.

The use of credit scores to determine insurance rates is rooted in research that has shown individuals with lower credit scores had higher car insurance losses and higher claims payouts.

You can ask your insurance company if a credit-based insurance score was used to underwrite and rate your policy, and in which risk category you were placed.

For VF Corp. employees who want to improve their credit-based insurance score, you should consider taking the same steps you would to improve your credit rating: make timely debt payments, clear up past disputes and keep credit card balances low.

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