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Old 01-19-2010, 10:54 AM
 
Location: Revere, MA
288 posts, read 783,832 times
Reputation: 200

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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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Old 01-19-2010, 11:05 AM
 
9 posts, read 14,528 times
Reputation: 14
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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Old 01-19-2010, 11:09 AM
 
269 posts, read 650,026 times
Reputation: 157
Nothing new about that, part of your quote and contract lists any problems with your credit they take into account.
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Old 01-19-2010, 11:16 AM
 
7,372 posts, read 10,293,045 times
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This is new?
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Old 01-19-2010, 11:19 AM
 
Location: Revere, MA
288 posts, read 783,832 times
Reputation: 200
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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Old 01-19-2010, 12:55 PM
 
269 posts, read 650,026 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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Old 01-19-2010, 05:21 PM
 
8,784 posts, read 13,222,731 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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Old 01-20-2010, 07:25 AM
 
Location: Live in NY State, (sometimes) work in CT
7,724 posts, read 11,215,065 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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Old 01-20-2010, 07:52 AM
 
Location: New England
8,155 posts, read 15,709,209 times
Reputation: 3244
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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Old 01-26-2010, 04:10 PM
 
Location: Palm Beach/ Maine
741 posts, read 882,641 times
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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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