I dislike credit scoring on home/auto insurance because a credit score is derived SOLELY on the use of debt. For those Dave Ramsey \’followers\’ out there this system tends to cause us to have higher rates. You could have $10 million in the bank and have no debt, and thus have no credit score and get a bad rate for an auto policy. How stupid is that?
That said… is it government\’s place to force a free market\’s hand? I don\’t think it is. But that\’s what they do.
What a scam. Yet another way to get those of us who do pay our bills on time and keep good credit, to pay for the refuse of our society. ALL our rates will go up if they cannot evaluate people individually bsaed on their credit history. Maybe if minorities didn\’t disproportionately welch on their bills,it wouldn\’t affect them more. Whhops! Politically incorrect, but true, once again.
Are you twisted?? I just got notice from my insurance company that my rates will go up because of my score. I HAVE NEVER MISSED A PAYMENT OR BEEN LATE ON A PAYMENT! I own my own home, have two kids in college, and consider myself a responsible person. I lost my job when my company relocated to another state. I had to rely on my credit cards to pay my bills for a period of time, thus having my balance to limit ratio being overextended. I have a new job and am getting back on track but now am getting penalized for WHAT?? GREEDY INSURANCE COMPANIES.
Nothing outrageous about charging less for people who are generally more responsible as reflected in how they handle credit. Any responsible business accesses risk constantly. People who have made mistakes should be appropriately charged due to increased risk.
I dislike credit scoring on home/auto insurance because a credit score is derived SOLELY on the use of debt. For those Dave Ramsey \’followers\’ out there this system tends to cause us to have higher rates. You could have $10 million in the bank and have no debt, and thus have no credit score and get a bad rate for an auto policy. How stupid is that?
That said… is it government\’s place to force a free market\’s hand? I don\’t think it is. But that\’s what they do.
What a scam. Yet another way to get those of us who do pay our bills on time and keep good credit, to pay for the refuse of our society. ALL our rates will go up if they cannot evaluate people individually bsaed on their credit history. Maybe if minorities didn\’t disproportionately welch on their bills,it wouldn\’t affect them more. Whhops! Politically incorrect, but true, once again.
Are you twisted?? I just got notice from my insurance company that my rates will go up because of my score. I HAVE NEVER MISSED A PAYMENT OR BEEN LATE ON A PAYMENT! I own my own home, have two kids in college, and consider myself a responsible person. I lost my job when my company relocated to another state. I had to rely on my credit cards to pay my bills for a period of time, thus having my balance to limit ratio being overextended. I have a new job and am getting back on track but now am getting penalized for WHAT?? GREEDY INSURANCE COMPANIES.
Nothing outrageous about charging less for people who are generally more responsible as reflected in how they handle credit. Any responsible business accesses risk constantly. People who have made mistakes should be appropriately charged due to increased risk.
Credit Scores: Guilty before Proven innocent
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