Credit report check Watertown

Video Rating: 5 / 5 OAIN: Auto Insurance Credit Scoring Debate Renewed by MAIA Boston, MA (PRWEB) August 10, 2011 Massachusetts has become the latest battleground in the ongoing fight over the use of consumer credit histories credit report check Watertown to help set credit report check Watertown auto coverage rates. The practice is commonly referred to as “credit scoring” and it has long pitted policy providers against consumer credit report check Watertown advocates and other critics who claim it punishes those with poor credit. The effects of credit on coverage prices in some states can be significant. A car insurance comparison conducted by Texas regulators showed that, in their state, the practice caused “rate swings ranging from a 40 percent decrease to a 40 percent increase” for 90 percent of personal auto policies. free credit check online The Massachusetts Association of Insurance Agents (MAIA) last week launched a petition drive to prohibit carriers from setting rates based on credit scores, education or the type of work a consumer does. “Using these factors to set credit report check Watertown auto rates is simply unfair, discriminatory and credit report check Watertown unreliable,” MAIA President credit report check Watertown Frank Mancini said in a statement. The Property Casualty Insurers Association of America (PCI)—which represents more than a thousand insurers nationwide—shot back, saying it was “disappointed” by the MAIA’s efforts. fast free credit report PCI pointed out in credit report check Watertown a statement that Massachusetts already has an credit report check Watertown administrative rule against credit scoring. MAIA officials, who believe that auto premiums should be determined by consumers’ driving histories, said the rule is insufficient protection. In addition to the ballot measure, the association is supporting a Senate bill credit report check Watertown that would outlaw credit scoring. The fight over credit scoring has raged across the nation for the past decade. Insurers tend to support the use of credit histories, holding that credit status is a reliable predictor of risk that helps them price policies more accurately.

But many consumer groups say the practice is unfairly discriminatory, with credit report check Watertown those who can credit report check Watertown least afford them being stuck with the credit report check Watertown highest rates and minorities disproportionately viewed as credit risks. check credit score for free According to the Insurance Information Institute, at least 27 bills aimed at curtailing credit scoring were introduced to state legislatures nationwide in 2010.