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...

CONTINUE

REQUEST A FREE CONSULTATION


  • 1736 Stockton Street
    Ground Floor
    San Fransisco, CA 94133
  • (415) 651-1951