Even if we allow that credit information does paint an accurate picture of an individual's character, the fact that there are often so many INNACCURACIES in a credit report renders them unreliable! Ultimately - especially in the case of insurance companies - it is my opinion that this is a method to justify rate increases, and thus increase company profits. That's all! It is for this reason that credit scoring by insurance companies should be made illegal nationwide.
It is also why I would like to look into the possibility of a class action lawsuit against insurance companies - not a lawyer, so I don't know how to do this - for fraud. I would love to reclaim the thousands I am sure I was overbilled on my insurance premiums on the basis of credit.
Anyone got any thoughts about this?
The privacy walls in this country have come down faster than the Berlin Wall in recent years, and let me tell you, I am furious about it! What is especially angering is the logic an increasing number of non-credit grantors are using to justify their need for your personal credit information. Such as:
If you can't pay your bills on time, or have too many credit cards, or have too many credit cards that are maxed out, or have too many accounts with collection agencies or whatever, then you are suspect. You MIGHT embezell funds. You MIGHT drive more erratically. You MIGHT burn your own house down to collect insurance...
The problem with this is that while whatever statistical information they are using may CORRELATE between two factors, it doesn't necessarily demonstrate a CAUSAL relationship. So whatever your employer may be telling you, he or she isn't getting a clear picture of you based on your credit information.
Just for laughs, you ought to ask THEM for THEIR credit information. After all, if your boss has bad credit, he may be more likely than not to pass you over for a promotion, deny you a raise, or just be a total son of a bitch. Turnabout is fair play, is it not?
Seriously, though, I want to bring up another issue within this discussion (and as soon as I figure out how to start a new thread on this board, I will). That issue is the increasing frequency of identity theft. One reasonable CORRELATION you might make is that with more and more entities having legal access to one's credit history, there is also a greater instance of identity theft. Or am I the only one who has noticed this? I am increasingly paranoid about my personal information being bandied about in this age of Ashcroft, and I for one, would like to see a rollback in legal access to credit information to those who actually can extend credit! What a concept, no? That means sorry insurance companies, sorry landlords, sorry cell phone providers, sorry rental car companies, and sorry employers! You are limited only to the information that directly matters to you.
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Even if we allow that credit information does paint an accurate picture of an individual's character, the fact that there are often so many INNACCURACIES in a credit report renders them unreliable! Ultimately - especially in the case of insurance companies - it is my opinion that this is a method to justify rate increases, and thus increase company profits. That's all! It is for this reason that credit scoring by insurance companies should be made illegal nationwide. It is also why I would like to look into the possibility of a class action lawsuit against insurance companies - not a lawyer, so I don't know how to do this - for fraud. I would love to reclaim the thousands I am sure I was overbilled on my insurance premiums on the basis of credit. Anyone got any thoughts about this?
If you can't pay your bills on time, or have too many credit cards, or have too many credit cards that are maxed out, or have too many accounts with collection agencies or whatever, then you are suspect. You MIGHT embezell funds. You MIGHT drive more erratically. You MIGHT burn your own house down to collect insurance...
The problem with this is that while whatever statistical information they are using may CORRELATE between two factors, it doesn't necessarily demonstrate a CAUSAL relationship. So whatever your employer may be telling you, he or she isn't getting a clear picture of you based on your credit information.
Just for laughs, you ought to ask THEM for THEIR credit information. After all, if your boss has bad credit, he may be more likely than not to pass you over for a promotion, deny you a raise, or just be a total son of a bitch. Turnabout is fair play, is it not?
Seriously, though, I want to bring up another issue within this discussion (and as soon as I figure out how to start a new thread on this board, I will). That issue is the increasing frequency of identity theft. One reasonable CORRELATION you might make is that with more and more entities having legal access to one's credit history, there is also a greater instance of identity theft. Or am I the only one who has noticed this? I am increasingly paranoid about my personal information being bandied about in this age of Ashcroft, and I for one, would like to see a rollback in legal access to credit information to those who actually can extend credit! What a concept, no? That means sorry insurance companies, sorry landlords, sorry cell phone providers, sorry rental car companies, and sorry employers! You are limited only to the information that directly matters to you.
Who's with me on this?