Auto Insurance Rates And Your Credit Score
Correlation Between Drivers’ Credit Scores and their Auto Insurance Rates
Auto insurers claim that a driver with a low credit score represents an unsafe driver that tends to take risks. They say that drivers with a high credit score make better decisions while driving a car. How can this be absolutely true?
The Consumer’s Credit Bureaus are known to have made mistakes on drivers’ credit reports, pushing down their credit score unnecessarily. Also, with the rise of identity theft, many drivers have seen their credit reports and scores take a nosedive. Auto insurers do not account for this possibility at all. Further, there are many unavoidable personal circumstances that negatively affect a credit score or credit report, that have nothing to do with a drivers ability to drive a car safely. A prolonged period of unemployment can damage a credit score, as can a divorce.
Consumer groups are fighting this relatively new measurement of driver risk, and with reason!
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