The scoring is no less fair than running credit to buy a home or car. Statistics don’t lie. People with bad credit neglect other things in their life and that is a known fact. I have ran thousands of credit scores in my 30 years of agent and agency owner and I can tell you that there is a great correlation with losses and low credit scores. Retention and coverage are other factors to consider as well.
What you fail to include in your statement is that people who are excellent at making their payments can have low credit scores — and thus, there is no correlation. Why? If someone avoids borrowing or has paid off their home — and owns only one home — your credit score is negatively impacted. If you have such deep knowledge of credit scores, then surely you know this. My score is 800. I had to borrow money short-term in order to increase that number as I live debt-free. Sweet.
My husband and I have 2 cars that we drive less than 5,000 miles each per year. Our auto premium just went up a whopping 17% because of Kreidler’s ban. As someone who has spent my entire career in insurance claims, I completely agree there is a strong correlation between low credit scores and loss history. This is just another example of a politician’s power grab with no basis in the law.
This is really an over extension of executive privilege where the commissioner is not just enforcing law, but actually legislating new law without the approval required by even the governor of the state. My concern is that right now there is really a strong movement against people who do the right thing (pay all their debts and live within their means) to compensate those who do not (huge unpaid student loans, etc). This could mean higher taxes and higher auto insurance bills for those who do the right thing.
People need to wake up an use the power of their vote. Politicians who are doing these things are running roughshod with their perceived power. Yet, they keep getting re-elected
This Insurance Commissioner is as power hungry as sleepy Joe. Even with the temporary stop by the courts, my rates are still going up over $100.00 per year, because they are unable to use my excellent credit history and no claims against me. Vote this idiot out of office next election and get someone who has a brain. Good credit is earned and I have earned the benefits, having over 50 years of excellent credit and payments. I have no sympathy for folks who default on their obligations, but still expect too pay the same insurance rates as me. Don’t buy an object if you cannot afford it.
I am a senior on a fixed income and my auto insurance rates have jumped significantly. The commissioner’s unilateral actions to eliminate use of credit in establishing rates is responsible. This is an over-reach by an elected official and needs to be addressed in the next election.
The scoring is no less fair than running credit to buy a home or car. Statistics don’t lie. People with bad credit neglect other things in their life and that is a known fact. I have ran thousands of credit scores in my 30 years of agent and agency owner and I can tell you that there is a great correlation with losses and low credit scores. Retention and coverage are other factors to consider as well.
What you fail to include in your statement is that people who are excellent at making their payments can have low credit scores — and thus, there is no correlation. Why? If someone avoids borrowing or has paid off their home — and owns only one home — your credit score is negatively impacted. If you have such deep knowledge of credit scores, then surely you know this. My score is 800. I had to borrow money short-term in order to increase that number as I live debt-free. Sweet.
Insurance companies still banned to using credit score?
My husband and I have 2 cars that we drive less than 5,000 miles each per year. Our auto premium just went up a whopping 17% because of Kreidler’s ban. As someone who has spent my entire career in insurance claims, I completely agree there is a strong correlation between low credit scores and loss history. This is just another example of a politician’s power grab with no basis in the law.
This is really an over extension of executive privilege where the commissioner is not just enforcing law, but actually legislating new law without the approval required by even the governor of the state. My concern is that right now there is really a strong movement against people who do the right thing (pay all their debts and live within their means) to compensate those who do not (huge unpaid student loans, etc). This could mean higher taxes and higher auto insurance bills for those who do the right thing.
People need to wake up an use the power of their vote. Politicians who are doing these things are running roughshod with their perceived power. Yet, they keep getting re-elected
When does this take affect? If a judge banned it, then why is Geico charging me the higher amount based off of Mikes ban before the judge stepped in?
This Insurance Commissioner is as power hungry as sleepy Joe. Even with the temporary stop by the courts, my rates are still going up over $100.00 per year, because they are unable to use my excellent credit history and no claims against me. Vote this idiot out of office next election and get someone who has a brain. Good credit is earned and I have earned the benefits, having over 50 years of excellent credit and payments. I have no sympathy for folks who default on their obligations, but still expect too pay the same insurance rates as me. Don’t buy an object if you cannot afford it.
an Elected position Vote the commissioner out of office
I am a senior on a fixed income and my auto insurance rates have jumped significantly. The commissioner’s unilateral actions to eliminate use of credit in establishing rates is responsible. This is an over-reach by an elected official and needs to be addressed in the next election.