Actuaries Have Special Role When Explaining Credit Scores and Losses
National News • November 16, 2007
By explaining why there is an association between credit scores and insurance losses, insurers and actuaries can promote a better understanding of why credit scores are a useful underwriting tool, ...
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Subject: RE: using credit scores to raise insurance rates
Posted On: December 3, 2007, 8:13 am CST
Posted By: Dustin
Comment:
This why credit should not be a sole determining factor. There are other older people who have never had a credit card or anything like that and have little to no credit. Where I used to work, they would not get the worst score, but certainly not the best either. This is why there is a multi-faceted rating system, so that their age and driving ability can off set their negative credit scoring. It still goes into painting the whole picture, and while it is not the best way to rate, it is the best right now.
Subject: RE: using credit scores to raise insurance rates