I guess that’s that! Whatever side of the fence you find yourself on, it appears credit scoring is here to stay in Texas. (Or at least until the next class action lawsuit pops up.)
There is not One Good Reason Insurance Underwriters should have access to Anyone’s Social Security number or Credit Score. Risk is their business and they are attempting to use an extremely Flawed System to Judge Risk vs. Inspecting the Premises Building, Operations & Vehicle [s]. Inspection works Hand in Hand with Risk Assessment. Credit Score is a cheap way for the Underwriter not to do their job -Assessing & Analyzing Risk based on FACTS! This is not even considering the increasing ID Theft and Now the Underwriter and their 1000’s of Employees have access, times everyone Insurance Carrier in the USA. ID Theft it’s a joke, until One SS number is used for One Purpose only [Payroll Taxes], will we start to get a handled on this RISK – ID Theft! Fines for misuse $25,000 first offense and $75,000 each additional.
Credit Scoring Systems are so flawed and Court Cases have proved this. The Bureau’s have a conflict of interest with their members, as they will publish anything given by a member and remove only after a great deal of hard work and threats. There has been some very minor attempts to correct this Flawed System, but until it stands on its own two feet.
Are you suggesting that not even banks have access to a SSN. It would be interesting to see what happens to interst rates then. Banks also have access to these numbers x 1000s of employees and can also use them for illegal purposes. The credit scoring models have been proven to correlate with the risk assumed. It is not meant to be used as the only underwriting criteria, but one of many. Please don’t paint every company and underwriter with the same brush. I’m sure you wouldn’t like us assuming all agents are bad because of an experience with one.
I am torn by the pros and cons associated with using a person’s credit score. Even though the credit scoring models have been proven to correlate with the risk assumed, it will still leave undo burden on the consumer. Basically a person is reduced to what is in black and white, which may or may not be accurate. I believe that, currently, 80% of credit reports are inaccurate. How much extra premium will be collected due to these errors and would the Company ever refund a consumer due to a credit score error?
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I guess that’s that! Whatever side of the fence you find yourself on, it appears credit scoring is here to stay in Texas. (Or at least until the next class action lawsuit pops up.)
There is not One Good Reason Insurance Underwriters should have access to Anyone’s Social Security number or Credit Score. Risk is their business and they are attempting to use an extremely Flawed System to Judge Risk vs. Inspecting the Premises Building, Operations & Vehicle [s]. Inspection works Hand in Hand with Risk Assessment. Credit Score is a cheap way for the Underwriter not to do their job -Assessing & Analyzing Risk based on FACTS! This is not even considering the increasing ID Theft and Now the Underwriter and their 1000’s of Employees have access, times everyone Insurance Carrier in the USA. ID Theft it’s a joke, until One SS number is used for One Purpose only [Payroll Taxes], will we start to get a handled on this RISK – ID Theft! Fines for misuse $25,000 first offense and $75,000 each additional.
Credit Scoring Systems are so flawed and Court Cases have proved this. The Bureau’s have a conflict of interest with their members, as they will publish anything given by a member and remove only after a great deal of hard work and threats. There has been some very minor attempts to correct this Flawed System, but until it stands on its own two feet.
Are you suggesting that not even banks have access to a SSN. It would be interesting to see what happens to interst rates then. Banks also have access to these numbers x 1000s of employees and can also use them for illegal purposes. The credit scoring models have been proven to correlate with the risk assumed. It is not meant to be used as the only underwriting criteria, but one of many. Please don’t paint every company and underwriter with the same brush. I’m sure you wouldn’t like us assuming all agents are bad because of an experience with one.
I am torn by the pros and cons associated with using a person’s credit score. Even though the credit scoring models have been proven to correlate with the risk assumed, it will still leave undo burden on the consumer. Basically a person is reduced to what is in black and white, which may or may not be accurate. I believe that, currently, 80% of credit reports are inaccurate. How much extra premium will be collected due to these errors and would the Company ever refund a consumer due to a credit score error?