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Unread 01-19-2010, 10:54 AM
 
Location: Revere, MA
287 posts, read 513,250 times
Reputation: 194
Default Checking credit scores for car insurance?

I just heard that there is a new law in CT now that insurance companies can use your credit score as a guideline for determining your car insurance rate. Is this true?
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Unread 01-19-2010, 11:05 AM
 
9 posts, read 11,217 times
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Hm. I didn't realize that was a new law, maybe I am mistaken but I do believe that it has been in use for quite some time now? Not surprised though, it seems like everyone (or every type of company) has access to our credit reports and history, doesn't it?
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Unread 01-19-2010, 11:09 AM
 
269 posts, read 434,994 times
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Nothing new about that, part of your quote and contract lists any problems with your credit they take into account.
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Unread 01-19-2010, 11:16 AM
 
6,873 posts, read 6,308,645 times
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This is new?
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Unread 01-19-2010, 11:19 AM
 
Location: Revere, MA
287 posts, read 513,250 times
Reputation: 194
Lol, actually someone I know just confirmed for me that it's not new, just something I didn't know about. Thank god, I will never register my car there knowing this. My insurance is the only thing I have left that is not subject to a 25% apr.
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Unread 01-19-2010, 12:55 PM
 
269 posts, read 434,994 times
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It's not a CT thing it's a factor car insurance companies use to determine your premium no matter where you live (there may be states that specifically don't allow it but as a general rule of thumb it is used). It's used for 2 things to determine your risk factor for accidents and to determine how likely you are to make the payments for your premium. If you don't do installments some companies may not use it.
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Unread 01-19-2010, 05:21 PM
 
7,620 posts, read 8,058,753 times
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Quote:
Originally Posted by SLippi View Post
It's used for 2 things to determine your risk factor for accidents and to determine how likely you are to make the payments for your premium. If you don't do installments some companies may not use it.
Insurance scoring is difficult to dissect. They use a proprietary methodology which looks at many facets of your personal "situation" and uses that information to assess the likelihood that you will file a claim(against your insurance and against other insurers), and what the "cost" of those claims will be.
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Unread 01-20-2010, 07:25 AM
 
Location: Live in NY State, (sometimes) work in CT
6,263 posts, read 7,093,591 times
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If anything, I have heard of some states trying to pass laws that BAN checking credit scores for car insurance, allowing it is not something that requires a law and has been going on for about one or two decades now.
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Unread 01-20-2010, 07:52 AM
 
Location: New England
8,156 posts, read 11,781,378 times
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Quote:
Originally Posted by 7 Wishes View Post
If anything, I have heard of some states trying to pass laws that BAN checking credit scores for car insurance, allowing it is not something that requires a law and has been going on for about one or two decades now.
That would be a good thing IMO.

I seem to recall it being said at the time SSI was put forth that it would "never" become a national ID system.

I wonder if there are laws already on the books the allow you to "op out" of giving your social. I know on several occasions I have refused to give it out, and after some back and forth they gave in and assigned a "generic" number.
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Unread 01-26-2010, 04:10 PM
 
496 posts, read 486,351 times
Reputation: 394
Anyone can get a Taxpayer Identification Number -- issued by the IRS and available online. If you have a SSN, it would be linked to it by the IRS, but no private entity would be able to see the SSN linkage.

Simple enough to generate one (or several) TINs and use those for anyone asking for a SSN for commercial reasons. There will of course be no credit file associated with the TIN.
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