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Insurers' Use of Credit Scores Faces Renewed Scrutiny by Regulators
National News • March 17, 2009
The National Association of Insurance Commissioners (NAIC) has adopted a proposal to review the use of credit-based insurance scoring.
The NAIC said it will convene a public hearing to take ...
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| Subject | Posted By | Posted On |
|---|---|---|
| RE: credit score | Mike F | Mar 23, 2009, 7:14 pm |
| No I think it's wtfchuck | Lawyer | Mar 23, 2009, 4:26 pm |
| Credit Scoring and Ratings | Realist | Mar 23, 2009, 4:17 pm |
| RE: RE: RE: Credit Scoring and Ratings | wudchuck | Mar 23, 2009, 4:04 pm |
| RE: RE: RE: RE: Credit Scoring and Ratings | AGENCY PRINCIPLE | Mar 23, 2009, 1:08 pm |
| RE: RE: RE: Credit Scoring and Ratings | adirondacker | Mar 23, 2009, 12:54 pm |
| RE: RE: Credit Scoring and Ratings | wudchuck | Mar 23, 2009, 11:52 am |
| RE: Credit Scoring and Ratings | Adirondacker | Mar 23, 2009, 11:21 am |
| Credit Scoring and Ratings | Roger | Mar 23, 2009, 9:51 am |
| RE: RE: ... but it's not my fault that I have 10 speeding ti | Stat Guy | Mar 20, 2009, 7:37 am |
| RE: ... but it's not my fault that I have 10 speeding ticket | NotSmartNuff | Mar 18, 2009, 2:05 pm |
| ... but it's not my fault that I have 10 speeding tickets... | Adirondacker | Mar 18, 2009, 12:28 pm |
| RE: RE: RE: future claims | Stat Guy | Mar 18, 2009, 11:32 am |
| RE: RE: future claims | wudchuck | Mar 18, 2009, 11:00 am |
| RE: CREDIT SCORING | zam boot | Mar 18, 2009, 10:24 am |
| JUST ANOTHER BAILOUT | Bill | Mar 18, 2009, 9:46 am |
| RE: future claims | Stat Guy | Mar 18, 2009, 7:45 am |
| RE: Credit Scoring and the Criminal | NotSmartNuff | Mar 17, 2009, 5:28 pm |
| use of credit scores and pricing | Fred Revello | Mar 17, 2009, 5:23 pm |
| Credit Scoring and the Criminal | Reverend-CPCU,CLU,FLMI | Mar 17, 2009, 4:29 pm |
| RE: Okay, they now want to bankrupt the insurance industry | Kool-Aid Vendor | Mar 17, 2009, 4:28 pm |
| statistics | wudchuck | Mar 17, 2009, 4:24 pm |
| RE: Cadoo - It's easy really...12:48 PM | Really Quite Simple | Mar 17, 2009, 4:24 pm |
| RE: Okay, they now want to bankrupt the insurance industry | Expert | Mar 17, 2009, 4:18 pm |
| Wudcheck- nothing's perfect | Realist | Mar 17, 2009, 2:29 pm |
| GEICO & PGR Direct & credit scoring | Rick | Mar 17, 2009, 2:24 pm |
| credit score | wudchuck | Mar 17, 2009, 2:21 pm |
| Okay, they now want to bankrupt the insurance industry | EGoyle | Mar 17, 2009, 1:48 pm |
| RE: It's easy really... | Bluemax | Mar 17, 2009, 1:48 pm |
| RE: Throw reality and common sense out of the window | nobody important | Mar 17, 2009, 1:46 pm |
| CREDIT SCORING | AGENCY PRINCIPLE | Mar 17, 2009, 1:44 pm |
| Throw reality and common sense out of the window | Realist | Mar 17, 2009, 1:40 pm |
| RE: RE: It's easy really... | Mandy | Mar 17, 2009, 1:39 pm |
| RE: RE: It's easy really... | bryan | Mar 17, 2009, 1:35 pm |
| RE: It's easy really... | Chris | Mar 17, 2009, 1:25 pm |
| RE: RE: It's easy really... | Dustin | Mar 17, 2009, 1:21 pm |
| RE: It's easy really... | wudchuck | Mar 17, 2009, 1:06 pm |
| It's easy really... | Cadoo | Mar 17, 2009, 12:48 pm |
| Future claims | anonymous | Mar 17, 2009, 12:48 pm |
| future claims | wudchuck | Mar 17, 2009, 12:36 pm |
| Citations??? | matt | Mar 17, 2009, 8:40 am |
| Back to article | ||
Subject: RE: RE: RE: Credit Scoring and Ratings
insurance is like a retainer for a lawyer and we want to have that insurance available to make a payout on a claim. afterall, if it's my fault, i want to be imdemnified for my loss; just like the guy i hit. why should i have to pay for it out of my pocket, when i purchased the insurance for it. if you want to believe that because i have a lower score on my credit, i am going to file a claim - i don't think so! technically, if you think a little outside of the box, are we not actually creating a loan society for the loss? after all, you want me to place your money w/others to cover not only your loss but anyone else in the pool.
secondly, why not think about it this way - if you want to rate me w/a credit score and that i might file a claim, what about the party i might hit that MIGHT file a claim. did you look at his credit? NO! because he's not insuring his vehicle with us. if he did, it would not matter for my premium. if it were me that was hit, why should i pay out of my pocket if the other driver was at fault. why not have him pay for a car to use while my car is fixed, but i won't allow you to use my credit to help determine his rate. so, why should we use the credit score for the insured? this is why we have problems.
also, with the credit score, that is shrinking w/the debt ratio of credit cards and the beacon score. with so much at stake due to the economy, there is a possiblity that even our country could go bankrupt! are you going to use the credit of our country as a score! if you did, you'd fail. we are trillions in debt as a company. SORRY, but my taxpayer dollars have left my hand w/o a single goodbye. who knows where it went?!
so back to the question: how can my credit determine my driving record? why do i need to retain services if my credit is so good, why have insurance anyways - especially if i am not liable to file a claim. a monstrous thought! truly questions to ponder and sort.
so, is that glass 1/2 empty or 1/2 full?!