Insurance Companies Misuse Credit Scores to Set Prices on Car Insurance

Insurance Companies Misuse Credit Scores to Set Prices on Car Insurance Consumer Reports magazine September edition has a special report on how insurance companies use (really misuse) credit scores in determining how much to charge you for your car insurance. Each insurer cherry-picks about 30 of almost 130 elements in a credit report to come up with its own proprietary score. That score will be quite different than your FICO score. Customers with low credit scores are made to pay a lot more than customers with better scores. For example, a single driver in Kansas who incurred one moving violation...

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Useful List of all Credit Reporting Agencies

Useful List of all Credit Reporting Agencies Most people are familiar with Experian, Equifax and Trans Union, but there are many more credit reporting agencies (CRAs) that are unknown to most people. The Consumer Financial Protection Bureau has published a list of all the CRAs. The publication lists the CRAs that provide free personal consumer reports with their latest company name and report request information, information consumers may use to link to the Bureau’s original content. It also provides names of parent and subsidiary companies so readers can research company names in the Bureaus Consumer Complaint Database. The list has...

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