The FACT Act of 2003:  Notice and Request For Public Comment On the Effects of Credit Scores and Credit-Based Insurance Scores on the Availability and Affordability of Financial Products #514719-00014

Submission Number:
514719-00014
Commenter:
john zerbini
State:
New Jersey
Initiative Name:
The FACT Act of 2003:  Notice and Request For Public Comment On the Effects of Credit Scores and Credit-Based Insurance Scores on the Availability and Affordability of Financial Products
I dont believe that it is fair to relate credit scoring to insurance rates, it makes no sense whatsoever!!! I do have very good credit myself, and i have a perfect driving record, but a few months ago there was an innacurate reporting on my credit report that was dragging my score down a bit, after many painfull months of letter writing and eventually threatening to sue Experian it was finally corrected, I know many people who have not so good credit, who have never had an accident in their life, yet now in new jersey they are being gouged again because of their credit. It is very unfair to them, all it does is makes thing seven harder on them, and in turn can have the possibilty of damaging their credit even more when they cant pay some bills on time due to their rediculous insurance premiums. In new jersey its disgusting, its obscene, its like you need a car to get to work and pay your bills, so if you dont have good credit you will pay through the nose, (even if you do have good credit like me , insurance in new jersey still stinks), but you pay so much for insurance, that it breaks alot of people financially, maybe they cant afford to live in a nicer home, or send their kids to a better school, or feed their family properly, or clothe themselves and their children well, or even just have a little left over to relax.. I for one think it is disgusting that it has even been allowed to let the credit bureaus run free reign with little to no government monitring, and on top of that to give the insurance comapny crooks the right to base premiums off of credit, that is just disgusting, and our government needs to be ashamed of itself for allowing the american taxpayer and consumer fall prey to this, all because some politicians are getting their palms greased, i say hell no, lets start monitoring the credit bureaus and stop the insanity with the insurance companies.. thank you for your time.. Sincerely John T Zerbini