This proposal hurts consumers who pay their bills.
Insureds with better credit scores have significantly better experience than those who do not. There is also not a significant difference in socio-economic status between those with high credit scores and those who do not per a University of Washington study. Many high earners with significant assets have terrible credit (for example, President Trump).
Personally, I believe that politicians on both sides of the aisle have worse credit scores than the general public because they are high risk takers. Careful people generally have better credit scores and are much better insurance risks. They deserve lower premiums.
I have credit scores around 820. Yet I am penalized because I have placed credit freezes on my credit reports. Becuase of those freezes, the insurance companies consider me an extreme risk and charge much more. Is that fair?
This argument has been around since the use of credit in underwriting was introduced. Credit data has proven to be predictive and useful with respect to loss activity but the data doesn’t tell us how or why some people have bad credit or if it’s a “fair” variable. All underwriting variables are not equal in the eyes of the public, even if an insurance company can prove correlation, and I would guess that if gender was just now being introduced as a new UW variable there would be a huge uproar.
I made the assumption that the President’s credit score would be hurt by the varied stories of him not paying his contractors on a regular basis.
No underwriting variable is perfect. We know that some youthful drivers are safer risks than many middle age drivers, but companies apply the variable because it does help them distinguish the experience of groups from one another.
The question is whether credit score that the public will not approve. In 2009, the people in Oregon voted to allow credit scoring in rating and underwriting. I believe if you put it to a vote, the majority of people would approve credit scoring, but vote down discriminatory variable that one can not control such as race.
The Washington State Office of the Insurance Commissioner was created in 1889–90, and became a separate agency in 1907 with an elected commissioner. The current commissioner is Mike Kreidler, a Democrat first elected in 2000 and reelected four times.
This proposal hurts consumers who pay their bills.
Insureds with better credit scores have significantly better experience than those who do not. There is also not a significant difference in socio-economic status between those with high credit scores and those who do not per a University of Washington study. Many high earners with significant assets have terrible credit (for example, President Trump).
Personally, I believe that politicians on both sides of the aisle have worse credit scores than the general public because they are high risk takers. Careful people generally have better credit scores and are much better insurance risks. They deserve lower premiums.
You have access to President Trump’s credit score?
What is President Trump’s credit score?
I have credit scores around 820. Yet I am penalized because I have placed credit freezes on my credit reports. Becuase of those freezes, the insurance companies consider me an extreme risk and charge much more. Is that fair?
This argument has been around since the use of credit in underwriting was introduced. Credit data has proven to be predictive and useful with respect to loss activity but the data doesn’t tell us how or why some people have bad credit or if it’s a “fair” variable. All underwriting variables are not equal in the eyes of the public, even if an insurance company can prove correlation, and I would guess that if gender was just now being introduced as a new UW variable there would be a huge uproar.
I made the assumption that the President’s credit score would be hurt by the varied stories of him not paying his contractors on a regular basis.
No underwriting variable is perfect. We know that some youthful drivers are safer risks than many middle age drivers, but companies apply the variable because it does help them distinguish the experience of groups from one another.
The question is whether credit score that the public will not approve. In 2009, the people in Oregon voted to allow credit scoring in rating and underwriting. I believe if you put it to a vote, the majority of people would approve credit scoring, but vote down discriminatory variable that one can not control such as race.
Nobody underwrites based on race. . .
was Kreidler elected or appointed? I wonder if that is a variable we ought to consider when discussing the use of credit scores.
The Washington State Office of the Insurance Commissioner was created in 1889–90, and became a separate agency in 1907 with an elected commissioner. The current commissioner is Mike Kreidler, a Democrat first elected in 2000 and reelected four times.
He was elected, and has done an awful job pretty much since he took office