Rashida Talib want auto insurance companies to not be allowed to check credit scores

[Hutch Starskey]

LOL...
Nonsense.

Unfortunately, these things are well studied and are proven models. Actuarial science is a rigorous practice performed by highly educated amd trained people, and I surance companies are 100% reliant on it. So the opinion of someone who knows less than nothing about them is just not compelling. Nothing personal.

Acts of god are not predictable by my credit score. Geography, maybe. Tornados don't discriminate.

 

[bendog]

Seems like this benefits me.

Why do the insurance companies require a credit check?

 

[Fort Fun Indiana]

Acts of god are not predictable by my credit score.

Nobody has claimed or has to claim otherwise. So you are arguing against people who do not exist.

What is a fact is that the likelihood that you will make a claim increases as your auto insurance score decreases. It's not a guess. It's a proven fact. So insurance companies smartly take this into account. Again, its not a moral or ethical decision. It's just mathematics.

 

[Polishprince]

Nonsense

You can stop right there. You are 100% wrong. The statistics show what they show. And, when determining risk over a large risk pool, nobody cares what Hutch Starskey had for breakfast or what his character is. These are mathematical algorithms.

The numbers show that credit profile correlates very well(as mentioned twice in this thread, as well as or more well than any other data point) with risk of filed claims and adverse action. This isn't an ethical or moral stance, its simply an algorithm.

You would be correct to call it "mindless" or "amoral" or even "unfair", in some cases. But you would not be correct to claim this stark, clear correlation does not exist. Again, there is no mind paid to moral principles or causation, here. It's simply correlation and mathematics.

That's actually true. In the film "From Nurse to Worse", 3 poor men come up with a scheme to buy a disability insurance policy and then make a phony claim when the insured pretends to go insane and act like a dog. These guys wouldn't have gone to that extreme if their credit was good.

 

[bendog]

Nonsense

You can stop right there. You are 100% wrong. The statistics show what they show. And, when determining risk over a large risk pool, nobody cares what Hutch Starskey had for breakfast or what his character is. These are mathematical algorithms.

The numbers show that credit profile correlates very well(as mentioned twice in this thread, as well as or more well than any other data point) with risk of filed claims and adverse action. This isn't an ethical or moral stance, its simply an algorithm.

You would be correct to call it "mindless" or "amoral" or even "unfair", in some cases. But you would not be correct to claim this stark, clear correlation does not exist. Again, there is no mind paid to moral principles or causation, here. It's simply correlation and mathematics.

That's actually true. In the film "From Nurse to Worse", 3 poor men come up with a scheme to buy a disability insurance policy and then make a phony claim when the insured pretends to go insane and act like a dog. These guys wouldn't have gone to that extreme if their credit was good.

I am so not surprised to see that a Three Stooges short from 1940 is the basis for your "knowledge."

 

[Edgetho]

Keep in mind, underwriting credit is mostly used when applying for Insurance coverage.

Once you're accepted, if your credit goes south, they're not gonna look at you unless they have to. A big Insurance company will have tens of millions of policies in force. They just simply don't bother looking at all of them at every renewal. The cost would be prohibitive.

They only look if prompted by an Underwriter or, sometimes, an Agent can ask for a review. Otherwise, they leave you alone.

Besides, and this is important...... Virtually all insurance is regulated by the individual States.

FGM Talib is talking out of her ass.

But....... She IS a dimocrap. Probably makes more sense to here idiot constituents

 

[Polishprince]

Nonsense

You can stop right there. You are 100% wrong. The statistics show what they show. And, when determining risk over a large risk pool, nobody cares what Hutch Starskey had for breakfast or what his character is. These are mathematical algorithms.

The numbers show that credit profile correlates very well(as mentioned twice in this thread, as well as or more well than any other data point) with risk of filed claims and adverse action. This isn't an ethical or moral stance, its simply an algorithm.

You would be correct to call it "mindless" or "amoral" or even "unfair", in some cases. But you would not be correct to claim this stark, clear correlation does not exist. Again, there is no mind paid to moral principles or causation, here. It's simply correlation and mathematics.

That's actually true. In the film "From Nurse to Worse", 3 poor men come up with a scheme to buy a disability insurance policy and then make a phony claim when the insured pretends to go insane and act like a dog. These guys wouldn't have gone to that extreme if their credit was good.

I am so not surprised to see that a Three Stooges short from 1940 is the basis for your "knowledge."

I grew up before Sesame Street and Spongebob were on the air, those three men taught me a lot

 

[Fort Fun Indiana]

FGM Talib is talking out of her ass.

Hmm, no, not completely. The most compelling point she has on her side is that sometimes people's credit can suffer from circumstances not under their control. You could look at two people with $10,000 of 'maxed out' revolving lines. One may be an irresponsible borrower with shaky job history and poor self control. The other may be someone who had a child with a significant medical event, who then maxed out their credit lines on hotel and travel and food while taking unpaid leave from work, and who has a plan in place to pay down their debt. But both will get the same score and rate, all else being equal.

So, the point is that it can, in practice, be unfair.

 

[bendog]

Keep in mind, underwriting credit is mostly used when applying for Insurance coverage.

Once you're accepted, if your credit goes south, they're not gonna look at you unless they have to. A big Insurance company will have tens of millions of policies in force. They just simply don't bother looking at all of them at every renewal. The cost would be prohibitive.

They only look if prompted by an Underwriter or, sometimes, an Agent can ask for a review. Otherwise, they leave you alone.

Besides, and this is important...... Virtually all insurance is regulated by the individual States.

FGM Talib is talking out of her ass.

But....... She IS a dimocrap. Probably makes more sense to here idiot constituents

Well, it would make sense for constituents who are more likely than others to be recent immigrants. So ......

But the problem these "newly progressive dems" have they are seeking to "redivide" the pie to give their constituents a bigger piece. That's no different really from the Trump/McConnell .1% tax reduction acts. Raise the same amt of revenue, but make sure the top's total outlay rises slower than their income.

Formerly the gop was about a rising tide for all boats. People discredit Reagan, but the fact is that despite his tax cuts (and multiple tax hikes) govt receipts nearly doubled in his 8 years. We haven't seen that since. W started out trying this but he was sadly incompetent.

Even Obama for all his faults paid for more delivering more healthcare basically by taxing healthcare

We are devolving into Tribes.

 

[bendog]

FGM Talib is talking out of her ass.

Hmm, no, not completely. The most compelling point she has on her side is that sometimes peoples credit can suffer from circumstances not under their control. You could look at two people with $10,000 of 'maxed out' revolving lines. One may be an irresponsible borrower with shaky job history and poor self control. The other may be someone who had a child with a significant medical event, who then maxed out their credit lines on hotel and travel and food while taking unpaid leave from work, and who has a plan in place to pay down their debt. But both will get the same score and rate, all else being equal.

So, the point is that it can, in practice, be unfair.

But the person with a sick child and little open credit is more likely to have late insurance payments than a person with the opposite.
Insurance companies say the most important factors for a good credit-based insurance score are a long credit history, minimal late payments or past-due accounts, and open credit accounts in good standing.

Past-due payments, collections, a high debt level, a high number of credit inquiries and a short credit history will hurt your score.
Why do the insurance companies require a credit check?

 

[Edgetho]

FGM Talib is talking out of her ass.

Hmm, no, not completely. The most compelling point she has on her side is that sometimes peoples credit can suffer from circumstances not under their control. You could look at two people with $10,000 of 'maxed out' revolving lines. One may be an irresponsible borrower with shaky job history and poor self control. The other may be someone who had a child with a significant medical event, who then maxed out their credit lines on hotel and travel and food while taking unpaid leave from work, and who has a plan in place to pay down their debt. But both will get the same score and rate, all else being equal.

So, the point is that it can, in practice, be unfair.

I addressed that in an earlier post.

Most Insurance companies won't underwrite Medical Bills. They'll also mitigate poor credit due to a divorce or a job loss.

I owned and managed a small Insurance Agency (all lines) for almost 20 years, so I am aware of all this.

I don't like that they underwrite credit, either. But, the truth is, it helps keep the rates lower for the people already in that particular line.

If you have insureds constantly filing claims, they're driving up the rates for everybody. All the Company is trying to do is keep the rates low for their customers.

Almost all of them have different 'Tiers'. Some are 'preferred' some are 'standard' some are substandard and some are high-risk.

They're just trying to find the right slot for everybody.

Trying to explain insurance to a layman is like trying to explain Relativity to a third-grader. And I suspect that you're not a layman

 

[Fort Fun Indiana]

But the person with a sick child and little open credit is more likely to have late insurance payments than a person with the opposite.

Irrelevant,in this case,though. Auto insurance is prepaid. "Likeliness to pay" is not really a factor.

All the Company is trying to do is keep the rates low for their customers.

Yes, absolutely. Else, they lose market share to companies who do it more efficiently.

I was an actuary for a time.

 

[Edgetho]

I was an actuary for a time.

How did you escape??

 

[iceberg]

Good. What does credit have to do with veing a good or bad driver?

Well fucking duh! Credit scores probably indicate whether or not you will pay your insurance premiums! How did libtards get so libtarded?

then cancel my policy if i don't pay.

Then you will likely drive without insurance! DUH!

which really has nothing to do with a credit check to get insurance.

it's not that big a deal in the end, i would just rather talk over these things than go LOOK WHO SUBMITTED THIS - IT'S BAD cause i know many hate it when done to Trump.

 

[Fort Fun Indiana]

I was an actuary for a time.

How did you escape??

I quit when i got a recording contract. I decided that living well and travelling the world just wasn't for me, and that sleeping on buses and airport benches in bumfuck usa in hopes of making enough to get to the next town was a much better plan.

 

[Edgetho]

I was an actuary for a time.

How did you escape??

I quit when i got a recording contract. I decided that living well and travelling the world just wasn't for me, and sleeping on buses and airport benches in bumfuck usa in hopes of making enough to get to the next town was a much better plan.

Was it a sound decision??

I crack myself up

 

[Fort Fun Indiana]

I was an actuary for a time.

How did you escape??

I quit when i got a recording contract. I decided that living well and travelling the world just wasn't for me, and sleeping on buses and airport benches in bumfuck usa in hopes of making enough to get to the next town was a much better plan.

Was it a sound decision??

I crack myself up

*sad trombone*

 

[P F Tinmore]

Nonsense. A check stub could do the same.

BTW, I responded to the OP, dope.

Yea, a check stub does not indicate your ability to pay. Good that at least you read the OP.

Neither does a CR, dope.

Yet a CR indicates your willingness to pay...dumbass.

Yet a CR indicates your willingness to pay...dumbass.

No.
Soliciting a policy from them indicates my willingness to pay, Dope.

Paying my insurance before my electric bill shows my willingness to pay although a creditscore may not reflect that reality.

Really!? When/if you buy a car, do you tell the salesperson that your being there "soliciting" a car indicates a willingness to pay and they shouldn't pull a credit report?

If you are paying cash, why need a credit report?

Auto insurance is a cash sale.

 

[Fort Fun Indiana]

If you are paying cash, why need a credit report?

You don't, nor will one be pulled.

 

[Admiral Rockwell Tory]

Defending insurance companies . Is there no evil company/industry that conservatives won’t back?

Whoah there, put on the brakes. Contrary to what people may think, insurance companies actually make an effort for fairness. If they don't, their profits suffer. Because their competitirs will make this effort, and the better qualified customers will get better rates elsewhere. It's just not so cut and dry as you seem to think.

bullshit the car insurance companies are in cahoots with the government, they are the ones who got passed mandatory insurance, God damn if a poor persons car breakdown and he cancels his insurance, they will jack up his rates when he gets insurance again.

all they want is MONEY

Try editing that post so it appears to be English.

what you cant comprehend it fuck face?

You write like a third grader! Grow up, dumbass!