|Received:||3/10/2005 10:28:12 AM|
|Agency:||Federal Trade Commission|
|Rule:||Notice of Proposed Study on the Effects of Credit Scores and Credit-based Insurance Scores on the Availability and Affordability of Financial Products|
Comments:My husband lost his job a couple of years ago, and we have been struggling ever since. We have two teenage children and I have a great job - both of which prevent us from moving to another area for my husband to find a similar job. He has started his own business, but his income is not steady. For reasons too lengthy to list here, we are also unable to sell our home - so we are doing what we can to juggle everything and keep making the mortgage payments on a house we really can no longer afford. None of this, however, affects anyone in our household's ability to operate a vehicle. We are no more dangerous or safe behind the wheel of an automobile than we would be if we had tons of money and awesome credit. So why are we paying more for our car insurance just because we have a bad credit score?? And why can't we open a second checking account so we can try to keep better tabs on our finances? Because we have a bad credit score. It makes perfectly good sense to judge us and deny us the ability to borrow money on the basis of our credit score. But our credit score has absolutely nothing to do with other aspects of our lives and it should never be available to anyone else, under any circumstances.