Insurers Overturn Fla. Restriction on Use of Credit Scoring
Southeast News • January 4, 2007
A Florida Administrative Law Judge has declared that the Florida Office of Insurance Regulation's rule restricting the use of credit information by insurers is invalid.
In a Dec. 29 ruling, Judge ...
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Subject: RE: RE: Whats the point
Posted On: February 2, 2007, 8:22 pm CST
Posted By: Ed
Comment:
Chrystal,
I am an Insurance Agent and in my opinion you are right.
I have a customer who has a perfect driving record who just got a $200.00 per year rate increase because he went into a local Target store and purchased a fairly expensive item and was offered a 10% discount if he made the purchase with a Target credit card and he did as most of us would,he opened the account immediately and due to his 800+ score received a $10,000 credit limit,made the purchase and the same day paid off the balance.Guess what?his insurance score dropped 2 tiers and by the way he showed me his 2005 report and his 2006 report and this was the ONLY change.It is evident that something is wrong when we have to worry about a rate increase every time we buy something.
This sounds like Communism and for the Agents who thinks this is fair could it be because the more the Insured pays the more you make.
I think if we treat people fairly the rest will take care of itself
Subject: RE: RE: Whats the point
I am an Insurance Agent and in my opinion you are right.
I have a customer who has a perfect driving record who just got a $200.00 per year rate increase because he went into a local Target store and purchased a fairly expensive item and was offered a 10% discount if he made the purchase with a Target credit card and he did as most of us would,he opened the account immediately and due to his 800+ score received a $10,000 credit limit,made the purchase and the same day paid off the balance.Guess what?his insurance score dropped 2 tiers and by the way he showed me his 2005 report and his 2006 report and this was the ONLY change.It is evident that something is wrong when we have to worry about a rate increase every time we buy something.
This sounds like Communism and for the Agents who thinks this is fair could it be because the more the Insured pays the more you make.
I think if we treat people fairly the rest will take care of itself