Is it true that credit bureaus .. read? I posted this question a week ago ..
Is it true that credit bureaus working with banks in a scam to keep people poor credit to allow banks to charge interest rates higher for people with low credit scores .. comps and funneling money to the credit assessment Agencys .. anyone in the banking sector that could knowladge or information on this .. Its an article I came across .. if true it would be bigger than the Enron scandal ..
I came across this today ..
Del measure would prohibit credit scoring by insurers
Practice hurt blue collar workers and minorities, lawmakers say
By Leslie A. Pappas, The News Journal
Published Saturday, March 3, 2007
Insurance Commissioner Matthew Denn on Friday urged consumers to call their legislators to express support for Senate Bill 31. The News Journal MATTHEW JONAS
Sen. Margaret Rose Henry said a similar bill is "halfway" to pass last year.
An uphill battle against the powerful lobbyists, state legislators Del measure banning credit scoring by insurers
Practice hurt blue collar workers and minorities, lawmakers say
By Leslie A. Pappas, The News Journal
Published Saturday, March 3, 2007
Insurance Commissioner Matthew Denn Friday urged consumers to call their legislators to express support for Senate Bill 31. The News Journal MATTHEW JONAS
Sen. Margaret Rose Henry said a similar bill is "halfway" to pass last year.
An uphill battle against the powerful lobbyists, state legislators are trying again this year to prohibit insurance companies from using credit scores to set insurance premiums and car owner in Delaware.
"Credit scoring is wrong. It is unnecessary and unfair," Delaware Insurance Commissioner Matthew Denn said during a news conference Friday to rally support for legislation. He urged members to call their Delaware in support of the bill, the insurance industry will likely oppose. "The insurance lobbyists ... will do what they should do and spend what they need to move "to keep the bill to pass," he said.
Sponsored by the State Meaning Margaret Rose Henry, D-Wilmington East, B. Harris McDowell III, D-Wilmington North, and the representative Helen M. Keeley, D-Wilmington South, Senate Bill 31 to prohibit any use of credit scores in setting auto and homeowner's insurance rates .
Credit rating - the use of credit history to assess the insured and the review of new candidates - "is a bad thing, period," said Henry. The practice hurts minorities and blue collar, and may be a problem for many people who have errors on their credit reports.
A similar bill passed last year by the Senate but was never raised for a vote at the House of Representatives. The latest proposal is more restrictive than last year's bill, which allowed the use of credit scores in the development of new policies, but prohibits their use in renewals, Henry said.
"We were halfway to last year. Hopefully it will pass both houses this session, "said Henry.
Consumer advocates have expressed their support for the legislation and criticized the use of general insurance companies credit ratings.
"Your car insurance premium should be based on your background as a pilot," said John Flaherty, lobbyist for a common cause of Delaware. He said that 90 percent of insurers use credit scores.
"It is clear to us that there was no relationship between an individual's credit rating and ability to lead," said Mark Brunswick of the A. Philip Randolph Institute of Delaware, a group of moonlighting. The use of credit scoring often hurts the poor, who end up subsidizing the premiums of less affluent drivers, New Brunswick said.
The insurance industry says credit score.
Posted on February 19, 2010.
