|Received:||3/22/2005 1:00:24 PM|
|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:It is my belief that the insurance industry uses the credit scores of individuals to discriminate. The rates paid for auto or homeowners insurance should be based solely upon your prior driving history or claims history. There should be no other basis for the type or price of the product offered. Demographics should also be a factor. A persons prior credit history is not a valid factor nor should it be used in the insurance industry to solicit or eliminate certian persons for insurance products. I feel strongly that the current practice is discriminatory and should be halted. Most insurance companies also do not offer the option of NOT pulling a credit report. If the practic cannot be eliminated there should be the option by the consumer of not allowing the agent to access their credit report.