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
Fico scores and insurance are in no way related and should not be used for pricing purposes. I have a perfect driving record for the last 30 years, no tickets or anything. I became very ill and was unable to work for 2 years so my credit is damaged. Why should I have to pay higher insurance premiums simply because I got ill? It's unfair and should be abolished. Also, the fico scoring system is very flawed because a lot of the info on your credit report is inaccurate. A lot of the data fields aren't even filled in on your credit report thus screwing your score even more. It's very unfair to the consumer and needs a complete overhaul.