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U.S. PIRG Consumer Blog
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December 23, 2008
FTC issues report on credit bureau accuracy, orders insurers to provide scoring data
Today the FTC issued a Congressionally-mandated interim study on the accuracy of credit reports.
The FTC also ordered nine large insurance companies "to produce information for a study on the use and effect of credit-based insurance scores on consumers of homeowners insurance." Our previous blog on issues related to use of credit reports to determine insurance eligibility. Blog excerpt: Should your car insurance bill be based on how many claims, accidents and speeding tickets you have? Makes sense to us but not to the insurance industry. They want to base your rates on whether you paid your Mastercard on time last month and whether your credit score is high enough. There are also major questions as to whether credit scoring illegally discriminates, since otherwise similar applicants who are white have higher scores than persons of color.
Posted by Ed Mierzwinski at December 23, 2008 02:08 PM
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