Why do coup¨¦ insurance companies foundation rates on credit gain?
I don't think it's any of their business!
Answers:
I agree. I think it's basically a reason to increase rates to get more money out of you. Someone told me near is this notion that people with honest credit have good driving collection. It's not always true. They won't give you quote/insurance if you don't approve to display your credit reports.
Judge of character for one. Poor judgement in enthusiasm could lead to poor judgement elsewhere.
I heard a story roughly a life insurance company declining a woman from existence insurance because "men would come to her house and not leave 'til the next daytime." Of course that was 40 years ago....but still a funny story.
Insurance companies based their rates to a degree on the probability that someone would put in more claims. It is a proven fact that population with lower credit will put in more claims than associates with higher credit. Several years ago a university contained by Texas set out to disprove this fact because they didn't agree with using credit score. After a comprehensive study they could not. Source(s): Independent Agent
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Answers:
I agree. I think it's basically a reason to increase rates to get more money out of you. Someone told me near is this notion that people with honest credit have good driving collection. It's not always true. They won't give you quote/insurance if you don't approve to display your credit reports.
Judge of character for one. Poor judgement in enthusiasm could lead to poor judgement elsewhere.
I heard a story roughly a life insurance company declining a woman from existence insurance because "men would come to her house and not leave 'til the next daytime." Of course that was 40 years ago....but still a funny story.
Insurance companies based their rates to a degree on the probability that someone would put in more claims. It is a proven fact that population with lower credit will put in more claims than associates with higher credit. Several years ago a university contained by Texas set out to disprove this fact because they didn't agree with using credit score. After a comprehensive study they could not. Source(s): Independent Agent
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