Low credit score + car insurance = High rates?
By lisado
@lisado (1227)
United States
June 28, 2007 4:59pm CST
Somehow I missed this information until I got an email from someone.
CREDIT SCORE RULING SUPREMELY DISAPPOINTING
http://redtape.msnbc.com/2007/06/supreme_court_c.html
Apparently your car insurance company can use your credit score against you by making your insurance rates higher and they don't have to let you know that they are doing it. There is a loophole making it so that they don't have to tell you. Isn't that cute? Somehow they figure that we'd just toss the notice in the trash as junk mail if we got it, anyway, so why bother? I guess I need to call my car insurance company and see if they're dinging me based on my credit score, which I don't even know since I haven't checked it lately.
3 people like this
2 responses
@freak369 (5112)
• United States
29 Jun 07
That's interesting but did you know that some states, like South Dakota, will run your credit report before they hire you. According to some weird loophole they can legally do that and not hire you if they feel that you are a risk to them or if your score falls below their "criteria".
1 person likes this
@lisado (1227)
• United States
29 Jun 07
Huh. I didn't know that, either. I know that some places, like banks, do it, since I guess they figure if you have high debt that you're a safety risk, but I think they have to tell you? I would hope, anyway? Amazing how much one little number can effect your life.
@villageanne (8553)
• United States
5 Jul 07
I did not know this either but I hate the insurance companies anyway. They are just out to get our money and the government is making it easy for them to do it. If you should happen to use your insurance, they raise your rates. So why is it again that we have insurance? LOL
@lisado (1227)
• United States
8 Jul 07
We have USAA and we've actually been very lucky and they have been very good to us. We've had to file three claims in the past couple of years. One was our fault, one was a hit and run and the other someone side swiped us. Our rates, even with the accident that was my husband's fault, really didn't go up much. We had Progressive for a while and they really jacked our rates when we had a claim. It wasn't our fault but it still went way up. Seems like you can't win no matter what with insurance companies.
