The credit rating model is used to obfuscate the rates that are charged. I live in Florida, and do not have all the credits I am entitled too. The insurance company sends you to LexisNexis and LexisNexis sends you to the insurance company. No one at either company can explain how the system works. Either they can explain it or not, if not, then it should not be used.
Credit scoring is a way to redline certain segments of the population without it being called redlining.
Both me and my wife have credit scores above 800, no accidents or violations, no claims, retired and a history of over 5 years with the same insurance company. the rating came up when I moved from Maryland to Florida.
Rating should be transparent and if an actuary can’t explain it to a college graduate, it should not be allowed.
Walter Cronkite’s sign off “And that’s they way it is” is not acceptable.
The credit rating model is used to obfuscate the rates that are charged. I live in Florida, and do not have all the credits I am entitled too. The insurance company sends you to LexisNexis and LexisNexis sends you to the insurance company. No one at either company can explain how the system works. Either they can explain it or not, if not, then it should not be used.
Credit scoring is a way to redline certain segments of the population without it being called redlining.
Both me and my wife have credit scores above 800, no accidents or violations, no claims, retired and a history of over 5 years with the same insurance company. the rating came up when I moved from Maryland to Florida.
Rating should be transparent and if an actuary can’t explain it to a college graduate, it should not be allowed.
Walter Cronkite’s sign off “And that’s they way it is” is not acceptable.