Bill to Prohibit Insurer Use of Credit-Based Scores Defeated in Colorado
West News • January 26, 2005
On Tuesday, Colorado legislators "wisely" defeated a proposal to ban the use of credit-based insurance scores (SB 5), according to the American Insurance Association (AIA).
"The Senate Business ...
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Subject: RE: RE: Wow, my name got popular.
Posted On: January 28, 2005, 12:30 pm CST
Posted By: Jimmy
Comment:
Regardless of how much people feel that credit does NOT affect risk, take a look at other aspects where credit is looked at.
You want to buy a house, you need to get a loan. The bank will check your credit, which is their assessment of your risk of paying the payment.
You want to buy a car, you need to get a loan. The bank will check your credit, which is their assessment of your risk of paying the bill as well.
You get insurance, they check your credit, which is their assessment of your risk of paying the bill.
Worse credit = higher interest payment = higher payment.
Lapses of insurance are very bad. If you show you have a higher risk of not paying, that shows that you have a higher risk of having a lapse of insurance, which = higher insurance premiums.
West News 
Subject: RE: RE: Wow, my name got popular.
You want to buy a house, you need to get a loan. The bank will check your credit, which is their assessment of your risk of paying the payment.
You want to buy a car, you need to get a loan. The bank will check your credit, which is their assessment of your risk of paying the bill as well.
You get insurance, they check your credit, which is their assessment of your risk of paying the bill.
Worse credit = higher interest payment = higher payment.
Lapses of insurance are very bad. If you show you have a higher risk of not paying, that shows that you have a higher risk of having a lapse of insurance, which = higher insurance premiums.