Allstate–VICTIM of them liberal Democrats, personal injury attorneys, class action lawyers and dirty dog Democrat Attorneys General running for governor.
Gee what a rotten world. Without them, Allstate could walk all over people. What a better world that would be to live in…
Come on – we all know that it is ofter cheaper to settle than it is to fight cases like this. Notice that Allstate did not eliminate credit scoring from their scoring algorithm.
What does a person\’s credit score have to do with what ethnic background they are? What about all the millions of white people that have bad credit. Can they all sue to?
Thank you Ray! When will these people realize that the credit scoring process does not look at race, or how much you $ make….but if you pay your bills on time.
While testifying at the State Capitol a couple of years ago against credit scoring (I am insurance agent), I witnessed a testimony from a gentleman with GREAT credit score credentials. He was discriminated against by high insurance premiums due to credit scores. Explain? In my own personal experience, the insurance company I sell insurance for, supplied false claims history reports and credit reports to A-PLUS Consumer (New Jersey). To this day, I argue this fact, false entries made on my reports. To this day, no resolution. What does this mean to me? Higher rates!
The facts here.
1. A credit score, how many accounts open, types of accounts, how many inquiries have been made and by whom,etc, etc, have no bearing on a homeowners insurance claims.
I do not recall a time when I applied for a new car or home loan, a new credit card, etc, or therwise allowed a company to check my credit history,edit and then subsequently or as a result of the credit check or history, experienced flooding of my home, tornado damage, a break in, vandalizm, etc etc.
Alo note the generalization in Allstates (just an example of one insurer using this poor method to justify increased rates). Can anybody tell me exactly what type of claims are filed as a result of an unsatisfactory credit history? Is the insurance industry saying that 1) your credit history indicates you will file a fraudulent claim? or 2) your credit history indicates that should you experience a legitimate loss, you are more likely to use the policy that you are already paying for to cover the damages?
This credit scoring based premium setting method is nothing more than another way for the the insurance industry to bilk the public out of additonal premiums.
My guess is that if the american people created a PAC that was funded to to lobby and pay for $15,000.00 a plate lunches to their supposed elected represtatives, we would have proper, or at least equal representation with those officials that should be protecting it citizens from Corperate America.
one item in addition from my own experience with my insurer. A premium increase that was part due to my insurer failure to provide proof of insurance to an auto lender. Received no notification of credit history impact from the lender or the insurer. Did not realize there wa an issue until the 3 year credit pull by the insurer ad vised of the increas due to the credit history which in fact was partially a result of their inability ot provide the service and docuentation that I pay them to provide.
Six plus months later I am still trying to get the insurer to re-run the credit report and refund over payment and readjust the premium. they screwed it up and I am forced to clean it up. What a great set of policies the Department of insurances and Insurers have put in place….
Just as an advisory,
I am in the market for a new home and will be downsizing. This includes a home financing credit check of the lender we will be using.
Should I post an advisory here as an alert for all to stay clear of my property as (per the insurance industry) I will be setting in motion, some natural event that could jeopardize my property and anybody within proximity?
You seem to be missing a very important point. Regardless of how a person with poor credit handles a claim or is likely to cause a claim, the numbers (statistically) show that a person with a lower credit score is more likely to submit the claim.
What is so difficult about accpting the facts? Like so many others in this day and age, it is NEVER your fault if something bad happens to you.
If you have bad credit, you are more likely to have a claim and therefore the insurance company shouold be able to charge a higher premium to help offset expense of that loss to them.
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Why would Allstate settle if they didn\’t do anything wrong?
Allstate–VICTIM of them liberal Democrats, personal injury attorneys, class action lawyers and dirty dog Democrat Attorneys General running for governor.
Gee what a rotten world. Without them, Allstate could walk all over people. What a better world that would be to live in…
Come on – we all know that it is ofter cheaper to settle than it is to fight cases like this. Notice that Allstate did not eliminate credit scoring from their scoring algorithm.
What does a person\’s credit score have to do with what ethnic background they are? What about all the millions of white people that have bad credit. Can they all sue to?
Pretty soon, there will be no underwriting. With the \”entitlement attitudes\” that are prevelant today, underwriters start looking for new jobs.
Thank you Ray! When will these people realize that the credit scoring process does not look at race, or how much you $ make….but if you pay your bills on time.
While testifying at the State Capitol a couple of years ago against credit scoring (I am insurance agent), I witnessed a testimony from a gentleman with GREAT credit score credentials. He was discriminated against by high insurance premiums due to credit scores. Explain? In my own personal experience, the insurance company I sell insurance for, supplied false claims history reports and credit reports to A-PLUS Consumer (New Jersey). To this day, I argue this fact, false entries made on my reports. To this day, no resolution. What does this mean to me? Higher rates!
The facts here.
1. A credit score, how many accounts open, types of accounts, how many inquiries have been made and by whom,etc, etc, have no bearing on a homeowners insurance claims.
I do not recall a time when I applied for a new car or home loan, a new credit card, etc, or therwise allowed a company to check my credit history,edit and then subsequently or as a result of the credit check or history, experienced flooding of my home, tornado damage, a break in, vandalizm, etc etc.
Alo note the generalization in Allstates (just an example of one insurer using this poor method to justify increased rates). Can anybody tell me exactly what type of claims are filed as a result of an unsatisfactory credit history? Is the insurance industry saying that 1) your credit history indicates you will file a fraudulent claim? or 2) your credit history indicates that should you experience a legitimate loss, you are more likely to use the policy that you are already paying for to cover the damages?
This credit scoring based premium setting method is nothing more than another way for the the insurance industry to bilk the public out of additonal premiums.
My guess is that if the american people created a PAC that was funded to to lobby and pay for $15,000.00 a plate lunches to their supposed elected represtatives, we would have proper, or at least equal representation with those officials that should be protecting it citizens from Corperate America.
one item in addition from my own experience with my insurer. A premium increase that was part due to my insurer failure to provide proof of insurance to an auto lender. Received no notification of credit history impact from the lender or the insurer. Did not realize there wa an issue until the 3 year credit pull by the insurer ad vised of the increas due to the credit history which in fact was partially a result of their inability ot provide the service and docuentation that I pay them to provide.
Six plus months later I am still trying to get the insurer to re-run the credit report and refund over payment and readjust the premium. they screwed it up and I am forced to clean it up. What a great set of policies the Department of insurances and Insurers have put in place….
Just as an advisory,
I am in the market for a new home and will be downsizing. This includes a home financing credit check of the lender we will be using.
Should I post an advisory here as an alert for all to stay clear of my property as (per the insurance industry) I will be setting in motion, some natural event that could jeopardize my property and anybody within proximity?
You seem to be missing a very important point. Regardless of how a person with poor credit handles a claim or is likely to cause a claim, the numbers (statistically) show that a person with a lower credit score is more likely to submit the claim.
What is so difficult about accpting the facts? Like so many others in this day and age, it is NEVER your fault if something bad happens to you.
If you have bad credit, you are more likely to have a claim and therefore the insurance company shouold be able to charge a higher premium to help offset expense of that loss to them.