Credit-Based Insurance Scoring

Insurers consider credit information to rate and price business with a greater degree of accuracy and certainty. Using credit information helps them predict the likelihood of future insurance loss.

Category:

Nonprofits & Activism

Tags:

• Credit-based insurance costs
• credit scoring
• insurance
• insurance scores
• economic crisis
• pciaa.net

[screwopenborders]

One of the biggest scams corporate America has brought to date is insurance companies using credit scores. Pretty sure thats a conflict of interest if insurance companies are owned by banks. A lot of these factors should be illegal and are in conflict with consumer rights. We aren't your personal piggy banks, leave us alone.

[PropertyCasualty]

The use of credit scores in insurance underwriting has been proven time and time again to save the bulk of insurance consumers money through lower premiums for those with good credit scores. Agencies, such as the Federal Trade Commission and the Texas insurance department, have conducted studies over the years demonstrating that credit scores have an indisputable correlation with insurance claims filing. By using credit scores, insurers reward consumers who present a lower risk. -- PCI

[shorfilmman]

What a SCAM. Loose your job and pay more, great idea.

They say they have statistics that lower scored individuals are more likely to make a claim.

Well I have statistics that more fat people are more likely to eat at mcdonalds, so their combos should be $30 instead of $5.