Wednesday, August 30, 2006

Fwd: insurance companies using credit records

Did you know that most insurance companies use credit records to make important decisions about automobile and homeowners' insurance policies, like how much to charge for coverage? We should all be concerned when this practice interferes with hurricane preparedness and recovery efforts.  Since economic losses caused by a hurricane could send a credit score plummeting, even consumers who can afford insurance today may feel the repercussions of credit scoring in their premiums tomorrow.

Why should your insurance premium be based on your bill-paying record for other goods and services?   Auto and homeowners insurance should be based on risk factors like your driving record or how far your home is from the nearest fire station, not on credit information which has nothing to do with whether you are a safe driver or a responsible homeowner. 

I just sent an email to state lawmakers urging them to ban insurance companies from using my credit information to make important decisions regarding my auto and homeowners' insurance policies.  I hope you will do the same. 

Click on the link below to send free emails to members of your state legislature.

Once you've sent your free email to your state legislators, please take a moment to forward this email to your friends and family and ask them to join us in taking action to protect consumers from credit information use in insurance. 

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