C.L.U.E. Report…What is that and why you need one?

Home selling season is in full swing. Many factors can go into buying a home. How many bedrooms, bathrooms, the size of the yard, location, square footage and ultimately cost to name a few. One factor that is hard to determine for a new home buyer is if the home has any issues or possible damages you cannot see. 

One way you can help determine if he home has had any past issues or damage is to request a C.L.U.E. report before closing on the home. If you are asking yourself, what exactly is a C.L.U.E. Report and why should I get one? You are not alone. 

To better answer that question we reached out to our friends at Armed Forces Insurance to help explain what a C.L.U.E. Report is and why you should obtain one. Even if you are not buying or selling a home.

Our friends at Armed Forces Insurance are dedicated to helping your family in all situations, including providing helpful tips and information on the home buying process. Below is some information regarding a C.L.U.E. Report and what exactly it is.

What is a C.L.U.E. Report?

A C.L.U.E. Report is short for a Comprehensive Loss Underwriting Exchange report. It is offered by LexisNexis Risk Solutions and subject to the Federal Fair Credit Reporting Act (FCRA). 

A C.L.U.E. Report provides a summary of a person’s claims history on their homes, cars, and renters insurance losses. Insurers submit claims information to the C.L.U.E. database for use by insurance companies to asses’ risk. They then use that claims information obtained from the C.L.U.E to determine pricing and eligibility on insurance products. 

What Information is in a C.L.U.E. Report?

Some of the information the C.L.U.E. Report provides is:

1. The name of the insurance company

2. Home/Auto/Renter insurance policy number

3. The date of any losses at the location or vehicle (last 5 to 7 years)

4. Type of loss that occurred (Fire, Hail, Theft)

5. If the claim accepted by the insurance company

5. How much was paid by the insurance company on the claim

Should You Get a C.L.U.E. Report?

The short answer is yes. The report does not only benefit insurance companies, but it can also be valuable to home sellers, buyers, and others as well.

For home buyers, the C.L.U.E can provide useful information on any past damage to the home that was submitted to the seller’s insurance company. This is not meant to replace an inspection! You will still want to obtain an inspection as the report will NOT tell you exactly where the damage was on the home or if the damage was fixed. However The C.L.U.E. Report will allow you ask better questions regarding any possible issues with the home you are purchasing. Especially if the seller has not disclosed any past damages on the home but claims are showing up on the report. 

For home sellers, if you have not had any claims in the past 5 to 7 years, it is a great idea to obtain your C.L.U.E. Report to use as a selling tool. The report can help give your potential buyers the confidence and information they may need to select your home over others on the market. If you have had claims, it is a great way to be able to address the past damage and show that the issues that caused the damage have been properly fixed. 

Even if you are not buying or selling a home, it is a good idea to request your C.L.U.E. Report periodically to ensure everything is correct on the report. Since your C.L.U.E. Report can affect your home and auto insurance pricing, as well as your ability to obtain certain insurance products, it is wise to request your C.L.U.E. Report so you can review and fix any data that is incorrect. This can be requested annually, similar to your credit report. 

If you happen to find an error on your C.L.U.E. Report, you can contact your insurance company and request that the information be corrected on your report. You also have the ability to submit letters of explanation for any claims that appear on your C.L.U.E report. 

When Can You Obtain Your C.L.U.E Report?

There are several circumstances you are entitled to your C.L.U.E. Report without being charged for it. Thanks to the Fair Credit Reporting Act (FCRA), you are entitled to request a copy of your C.L.U.E. Report each year at no cost from LexisNexis. You can also get a report if you receive an “adverse action” notice from an insurer declining you for coverage based on what they found in the C.L.U.E. Report. Other reasons you can see your C.L.U.E. Report from LexisNexis are listed here. 

How Can You Request Your C.L.U.E. Report?

You can request your C.L.U.E. Report using any one of the following ways:

1. Request a report online

2. Call 888-497-0011

3. Email:  consumer.documents@LexisNexis.com

4. Request it by mail by downloading this form

5. Request a copy from a homeowner

Like with your credit report, it is important to review your C.L.U.E. Report to ensure there are no errors on the report and that the information is as accurate as possible. Not only can it help keep your insurance costs down, but it can be used as a tool to help you buy and sell a home. 

Those are just a few tips from Armed Forces Insurance regarding C.L.U.E. Reports. For a more information on this and other topics, head over to Armed Forces Insurance – Resources and Tools page. 

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As a military family, you need insurance that matches your needs and protects what you value most. You deserve an insurance company that is committed to serving you. MilHousing Network is proud to partner with Armed Forces Insurance to bring military families’ reliable homeowner’s insurance options when buying a home. Contact them today at 800-313-1936 or visit www.afi.org/milhousing to learn how they can support your unique military lifestyle.

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