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From Sun Sentinal
What does your credit score have to do with what ya pay for automobile insurance? How about your education or your job?
At a congressional hearing in Washington Florida Insurance Commissioner Kevin McCarty brought the state’s long-running battle with the insurance business over these issues to the forefront. The steadfast fella argued that credit scores are not “fair and valid” criteria for setting automobile insurance rates.
Under an exemption from Florida’s public records laws, insurance providers have been able to set policy premiums without revealing their pricing models. That exemption will expire in Oct., the state will ask automobile insurance outfits to reveal more about their processes.
The Federal Trade Commission is looking into the issue and Congress is considering 2 bills that would ban the use of credit scores in automobile insurance rate decisions, a nationwide practice that generally results in higher insurance rates for those who have "abundance challenged" credit.
To make sure ya are getting the best automobile insurance rates, visit insurance.com to compare rates from leading insurance outfits like Progressive, Geico, Esurance, Travelers AIG and many more
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