The practice check credit rating free Savannah is commonly referred to as “credit scoring” and it has long pitted policy providers against consumer advocates and other critics who claim it punishes those with poor credit. The effects of credit on coverage prices in some states can be significant.
A car insurance comparison conducted by Texas regulators showed check credit rating free Savannah that, in their state, the practice caused “rate swings ranging from a 40 percent decrease to a 40 percent increase” for 90 percent of personal auto policies. The Massachusetts Association of Insurance Agents (MAIA) last week launched a petition drive to prohibit carriers from setting rates based on credit scores, education or the type of work a consumer does.
“Using these factors to set auto rates is simply unfair, discriminatory and unreliable,” MAIA President Frank Mancini said in a statement. credit reports and scores The Property Casualty Insurers Association of America (PCI)—which represents more than a thousand insurers nationwide—shot back, saying it was “disappointed” by the MAIA’s efforts.
PCI pointed out in a statement that Massachusetts already has an administrative rule against credit scoring. MAIA officials, who believe that auto premiums should be determined by consumers’ driving histories, said the check credit rating free Savannah rule is insufficient protection. In addition to the ballot measure, the association is supporting a Senate bill that would outlaw credit scoring. access credit reports The fight over credit scoring check credit rating free Savannah has raged across the nation for the check credit rating free Savannah past decade. Insurers tend to support the use of credit histories, holding that credit status is a reliable predictor of risk that helps them price policies more accurately. But many consumer groups say the practice is unfairly discriminatory, with those who can least afford them being stuck with the highest rates and minorities disproportionately viewed as credit risks.
According to the Insurance check credit rating free Savannah Information Institute, at least 27 bills aimed at curtailing credit scoring were introduced to state legislatures nationwide in 2010. In a 2007 report, the Federal Trade Commission reported that the practice helped carriers to more accurately gauge risk. how to get free credit reports But it also stated that the reasons for this were unclear and that minorities are considered higher risks as a result of credit scoring. Source: http://www.ftc.gov/os/2007/07/P044804FACTA_Report_Credit-Based_Insurance_Scores.pdf To read more about this and other auto insurance issues, go to http://www.onlineautoinsurance.com/compare/ where you will find informative resource pages and a free-to-use quote-comparison generator.
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