I just received notification from my insurance company that my rates are going up due to my credit rating.I have had no claims in recent years but my credit rating has gone down due to financial hardship from an injury I received .( I now make 25k a year less than before my injury as I could not contine my former occupation).I find this use of ratings unconscionable and an example of any excuse to make more profit without justification.
I am a 38 Year old Driver, with a clear History of Driving without accidental claims since I began driving at 16 in the States of Kentucky, California, FLorida and now Virginia. I have over the past 16 plus years only recieved speeding tickets which my premiums reflect. My Federal Taxable Income over those years while serving in the Marine Corps and working other jobs during the ’90’s fluctuated between $9,000 and $12,000 a year.. surely a “poverty” wage by anyones standards.. I had poor credit performance because of that fact. Since 1996 my credit has become increasingly better while I now make over $35,000 a year in a household which makes over $60,000 our Virginia governed Insurance underwriters have turned to using my credit scores to increase my premium. While I have 0 points for inexperience and 0 points for accidents and violations I am ranked a 5 “middle ranking” or “Middle Class” (you decide) on the credit scoring for insurers and I do not get the best premium due me even though I have followed the rules since being licensed inhigh school. I find using credit scores very disturbing and that they only do one thing in America seperate further the classes of Rich and Poor. How Many Rich class people do you think have poor credit scores?? I think state lawmakers should wake up to the fact that Insursers are “stealing” from the economically challenged.Insurance Companies base their justification on small independent studies (ie. BBR University of Texas at Austin)that were financed through their own coffers and only strategically poll a small amount of the population, in which some the of information may have been obtained illegally (ie How did they obtain credit reports for 175,647 polocies for their database?, citing that Choicepoint obtained credit histories by matching name, address, and social security numbers). This only serves to make the rich richer in their money making schemes it has nothing to do with protecting consumers.
I just received notification from my insurance company that my rates are going up due to my credit rating.I have had no claims in recent years but my credit rating has gone down due to financial hardship from an injury I received .( I now make 25k a year less than before my injury as I could not contine my former occupation).I find this use of ratings unconscionable and an example of any excuse to make more profit without justification.
I am a 38 Year old Driver, with a clear History of Driving without accidental claims since I began driving at 16 in the States of Kentucky, California, FLorida and now Virginia. I have over the past 16 plus years only recieved speeding tickets which my premiums reflect. My Federal Taxable Income over those years while serving in the Marine Corps and working other jobs during the ’90’s fluctuated between $9,000 and $12,000 a year.. surely a “poverty” wage by anyones standards.. I had poor credit performance because of that fact. Since 1996 my credit has become increasingly better while I now make over $35,000 a year in a household which makes over $60,000 our Virginia governed Insurance underwriters have turned to using my credit scores to increase my premium. While I have 0 points for inexperience and 0 points for accidents and violations I am ranked a 5 “middle ranking” or “Middle Class” (you decide) on the credit scoring for insurers and I do not get the best premium due me even though I have followed the rules since being licensed inhigh school. I find using credit scores very disturbing and that they only do one thing in America seperate further the classes of Rich and Poor. How Many Rich class people do you think have poor credit scores?? I think state lawmakers should wake up to the fact that Insursers are “stealing” from the economically challenged.Insurance Companies base their justification on small independent studies (ie. BBR University of Texas at Austin)that were financed through their own coffers and only strategically poll a small amount of the population, in which some the of information may have been obtained illegally (ie How did they obtain credit reports for 175,647 polocies for their database?, citing that Choicepoint obtained credit histories by matching name, address, and social security numbers). This only serves to make the rich richer in their money making schemes it has nothing to do with protecting consumers.