March 10, 2010

Should Your Credit Score Determine Your Car Insurance Rates?

Wednesday, March 11th, 2009 10:29 am
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Should Your Credit Score Determine Your Car Insurance Rates?Mlive.com released an article today describing an interesting turn of events for Michigan’s residents. In an effort to try to more accurately target pricing for individuals auto insurance, Michigan insurance companies want to use a person’s credit score to help determine how much they pay for car insurance each month.

Ken Ross, commissioner of the Office of Financial and Insurance Regulation, thinks this practice is discriminatory and inaccurate due to the errors that are sometimes present in a credit report. He also believes that credit scoring doesn’t correlate to the safety of a driver.

What do you think? Read the entire article here:
http://www.mlive.com/news/

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