Its me again Donna Now who thinks its right that the Insurance compaines has a right to use are credit scores to base are Insurance on are Homes and Cars
The real news in this whole thing is actually nothing to do with credit scoring. The Commissioner and the Governor are conspiring to enact laws illegally. That is the basis for the law suit.
The one thing i’ve been taught in this industry is that if a person is having financial problems be it whatever that you’re less likely to pay your car/home insurance premiums.
More likely to file false claims, and unfortunately we all suffer. It will also increase because of the amount of crime in your area, that’s why it’s always important to report crime.
Two points here,
1)Is credit scoring useful is setting rates? (see the Texas dept of insurance for the study published about a month ago)
My thoughts on credit scoring is that it is useful as an indicator of personal responsibility. The question is how good and what persentage of discount should be allowed for it.
2) Are the actions of the executive branch in setting this rule legal? Especially in light of the bill that is in the Michigan state house that was to regulate the use of credit scoring in a way that would be more even handed and would not cause the likly disruptions in the market that the July 1 rule would.
I think that is a terrible thing to say. Just beacause someone has a finaical problem that does not mean they are going to file a fraud claim. Does not anyone out here understand that we are paying for 911 and also all the flooding in other states. Anytime there is a disater the insurance polices go up.Now myself iam getting tired of paying for new homes for people that keep rebuilding in the same spot or area. Also i think your credit has nothing to do with your auto or home. If you get a ticket your insurance goes up and home owners also if you file a claim. So credit has noting do with the way you drive or the way your home is. The insurance compaines are loseing money on the other things so that have find ways to get more. Will someone please stop and thinks about this.
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Oh, and you probably thought that that was the insurance company (the bad guys) that jumped that cost up….
Wrong…
Eric,
Good job with the explantion.
Its me again Donna Now who thinks its right that the Insurance compaines has a right to use are credit scores to base are Insurance on are Homes and Cars
The real news in this whole thing is actually nothing to do with credit scoring. The Commissioner and the Governor are conspiring to enact laws illegally. That is the basis for the law suit.
The one thing i’ve been taught in this industry is that if a person is having financial problems be it whatever that you’re less likely to pay your car/home insurance premiums.
More likely to file false claims, and unfortunately we all suffer. It will also increase because of the amount of crime in your area, that’s why it’s always important to report crime.
Two points here,
1)Is credit scoring useful is setting rates? (see the Texas dept of insurance for the study published about a month ago)
My thoughts on credit scoring is that it is useful as an indicator of personal responsibility. The question is how good and what persentage of discount should be allowed for it.
2) Are the actions of the executive branch in setting this rule legal? Especially in light of the bill that is in the Michigan state house that was to regulate the use of credit scoring in a way that would be more even handed and would not cause the likly disruptions in the market that the July 1 rule would.
I think that is a terrible thing to say. Just beacause someone has a finaical problem that does not mean they are going to file a fraud claim. Does not anyone out here understand that we are paying for 911 and also all the flooding in other states. Anytime there is a disater the insurance polices go up.Now myself iam getting tired of paying for new homes for people that keep rebuilding in the same spot or area. Also i think your credit has nothing to do with your auto or home. If you get a ticket your insurance goes up and home owners also if you file a claim. So credit has noting do with the way you drive or the way your home is. The insurance compaines are loseing money on the other things so that have find ways to get more. Will someone please stop and thinks about this.