Rashida Talib want auto insurance companies to not be allowed to check credit scores

[Fort Fun Indiana]

Good. What does credit have to do with veing a good or bad driver?

ILMAO............We'll disregard the obvious, it's well above your head. How did you come to the conclusion Talib and yourself know more about insurance than insurance companies?

Talib isnt claiming to know more. She is claiming it is unfair. Mathematically, she is wrong. But in principle, she may be correct, in that some information should be protected and not used against you.

For instance, it may be found that the last name "miller" correlates with higher accident rates. While it may be mathematically valid to then charge everyone named "miller" more, it may not be fair. The correlation here is that sometimes people are victims of economic circumstance not under their control, like having a sick child, or losing their jobs to a plant closure. So, one could argue that these people, while not presenting an actual higher risk, are being charged more due to things out of their control. Like, having the last name, "miller".

It's an interesting debate that touches on math, ethics, economics, and more..

 

[Coyote]

Horseshit. You must have very bad credit!

Democrats are about three things:

1) killing business

2) rewarding bad behavior \ failure

3) punishing good behavior \ success

How has restricting the useof credit scores kill business? They actually arent that accurate. For example could have suffered a job loss during the recession that set in motion a series of finacial catastrophiesthat wrecked his credit score or incurred huge medical bills he couldnt pay. He could have had perfect credit before. Or a person might have a bad score because they have never taken out a loan or credit or theypay everything off at once, good financial practice but not one that generates a good credit score. It is a rating system that doesnt reaky measure your abiliry to pay billa but rather your ability to create and sustain debt.

Using it to determine whether or not to extend credit or a loan is fine, but it is even used on job applications.

Should medical records and psychiatric records then be used in case they predictive?

 

[Fort Fun Indiana]

You don't know your ass from up,

I was an actuary. You were a trumped up teller in a bank branch in bumfuck usa. Shut up and learn something.

 

[WillPower]

Ask any insurance agent in Phoenix what your rate is and they'll tell you they go by the state motor vehicle report and your zip code. If you live in a high-traffic density zone, your rate will be higher. Their major concern is paying off uninsured driver claims so if you live in or near a barrio or ghetto, your chances of being hit by an uninsured driver skyrocket. Is it "redlining"? it sure is....they're taking the risk, so they make the rules.

 

[Wyatt earp]

Tlaib bill would prohibit use of credit scores to set car insurance rates

She’s almost as bad as AOC and Omar

I am with her on this, You could have 5 D.U.I.s , 8 car crashes and have cheaper car insurance then someone with a perfect driving record, with a bad credit score.

 

[WillPower]

You don't know your ass from up,

I was an actuary. You were a trumped up teller in a bank branch in bumfuck usa. Shut up and learn something.

No, I was the OWNER of a major merchant-services agency, moron....and you've never told anybody to "shut up" in person because you're a mouthy little weakling.

 

[Wyatt earp]

i think credit scre information is over and abused. It is time to put some brakes on it.

Describe how it’s being abused

higher rates ....

 

[Fort Fun Indiana]

Ask any insurance agent in Phoenix what your rate is and they'll tell you they go by the state motor vehicle report and your zip code.

And if they say their carrier doesn't look at credit history, they are lying. There is literally an entire facet of the credit reporting industry dedicated to compiling a special type of report specifically used by insurance carriers and their actuaries. A special score (unimaginatively called the auto insiramce score) is compiled and distributed to insirance carriers.

 

[busybee01]

Tlaib bill would prohibit use of credit scores to set car insurance rates

She’s almost as bad as AOC and Omar

She is not wrong Your credit score has nothing to do with your driving ability. It should be based on your driving record alone.

 

[irosie91]

Tlaib bill would prohibit use of credit scores to set car insurance rates

She’s almost as bad as AOC and Omar

I am with her on this, You could have 5 D.U.I.s , 8 car crashes and have cheaper car insurance then someone with a perfect driving record, with a bad credit score.

what does credit score have to do with driving record? could it be that 'what's-her-name"
has a lousy credit score?

 

[Fort Fun Indiana]

No, I was the OWNER of a major merchant-services agency, moron...

So, clearly, you have zero knowledge of this topic and should shut up immediately.

 

[Fort Fun Indiana]

what does credit score have to do with driving record?

Read the thread .

 

[Wyatt earp]

Tlaib bill would prohibit use of credit scores to set car insurance rates

She’s almost as bad as AOC and Omar

I am with her on this, You could have 5 D.U.I.s , 8 car crashes and have cheaper car insurance then someone with a perfect driving record, with a bad credit score.

what does credit score have to do with driving record?

is this a question? or you dont know reality?

 

[Wyatt earp]

Tlaib bill would prohibit use of credit scores to set car insurance rates

She’s almost as bad as AOC and Omar

She is not wrong Your credit score has nothing to do with your driving ability. It should be based on your driving record alone.

exactly

 

[Fort Fun Indiana]

Tlaib bill would prohibit use of credit scores to set car insurance rates

She’s almost as bad as AOC and Omar

She is not wrong Your credit score has nothing to do with your driving ability. It should be based on your driving record alone.

exactly

Insurance rates are not predicated on driving ability, though.

 

[Timmy]

Defending insurance companies . Is there no evil company/industry that conservatives won’t back?

 

[Fort Fun Indiana]

Defending insurance companies . Is there no evil company/industry that conservatives won’t back?

Whoah there, put on the brakes. Contrary to what people may think, insurance companies actually make an effort for fairness. If they don't, their profits suffer. Because their competitirs will make this effort, and the better qualified customers will get better rates elsewhere. It's just not so cut and dry as you seem to think.

 

[busybee01]

Good. What does credit have to do with veing a good or bad driver?

It actually correlates well with both risk of valid claims and risk of adverse selection. That is why actuaries use that data. Unfortunately, it is what it is. I pay nearly twice the auto insurance premium for my 16 year old son than I would if he were female. Is that sexism? Nope, it's just mathematics.

That has nothing to do with the credit scores. That is personal characteristics.

 

[WillPower]

What I've always told my customers with sketchy credit is that if a bank won't touch them, try a credit union...they take more risk but charge for it. Once they've done that, I remind them they've been given an opportunity to get right with the lending/services world and to treat it like their favorite child. These are often the best credit risks and will pay their bill before they buy groceries....seriously! Car and apartment rentals rely almost exclusively on credit scores and criminal background checks.

 

[Wyatt earp]

Defending insurance companies . Is there no evil company/industry that conservatives won’t back?

Whoah there, put on the brakes. Contrary to what people may think, insurance companies actually make an effort for fairness. If they don't, their profits suffer. Because their competitirs will make this effort, and the better qualified customers will get better rates elsewhere. It's just not so cut and dry as you seem to think.

bullshit the car insurance companies are in cahoots with the government, they are the ones who got passed mandatory insurance, God damn if a poor persons car breakdown and he cancels his insurance, they will jack up his rates when he gets insurance again.

all they want is MONEY