this post was submitted on 17 Jul 2025
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You don't need to loan money to get a credit rating, that is a total myth.
The credit rating is based on assets and income, debt actually has very little effect on it, only if you declare bankruptcy does it usually change the rating.
A person with a mortgage will always have a much better credit rating than the same person without a mortgage, not because they have a debt, but because the house is an asset.
House insurance on a mortgage is there to protect the lender, not the homeowner. Its quite likely that paid off mortgage policy holders make more claims than mortgage owners and that would affect the risk rating.