Credit report affects car insurance - WALB.com, South Georgia News, Weather, Sports

Credit report affects car insurance

Sept. 27, 2001

Eddie Hall has been an insurance agent for nearly thirty years, and now he is having problems because many of his potential clients are being turned down because a score coming from their credit report is simply to low.

"It's one of the worst things to ever happen to the insurance buying public. You can't convince me that someone's credit will determine whether or not they are a safe driver or not," said agent Hall.

In order to determine your credit score insurance agents type your name and social security number into a computer. However the problem is they don't understand how your credit report relates to your driving history.

"Nobody know exactly how they come up with this credit scoring," said Hall.

Credit companies claim your score can determine what type of a driver you are and how many accidents you will have.

Insurance Commissioner John Oxendine says the scoring process isn't based on anything it's arbitrary and unfair.

"And good honest people with good credit, good responsible drivers, good insurance risks are being denied because of this arbitrary credit score," said Oxendine.

The scoring method has been in use for at least two years, however if many agents get their way it won't be around for too much longer. State insurance commissioner John Oxendine hopes to abolish the credit scoring system.

 

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