| Comment Number: | 514719-00070 |
| Received: | 4/20/2005 11:05:50 PM |
| Organization: | |
| Commenter: | Micah Huber |
| State: | IN |
| Agency: | Federal Trade Commission |
| Rule: | Notice of Proposed Study on the Effects of Credit Scores and Credit-based Insurance Scores on the Availability and Affordability of Financial Products |
| Docket ID: | 3084-AA94 |
| No Attachments |
Comments:
From experience, credit scores are highly inaccurate and an invasion of rights. Not only this, but millions of consumers have errors on their credit reports, making the scores incorrect. While the government protects citizens from these inaccuracies, the whole system is so complicated and time consuming, most Americans cannot get their reports corrected. Additionally, credit scoring used by the insurance industry is one of the biggest invasions of privacy our great country has allowed. How can a credit score assess a consumer's driving habits, and why should insurance companies have the right to peek into the financial lives of citizens? While creditors evaluating the ability to repay a loan is a feasible reason to evaluate credit, by no means should insurance companies be allowed to evaluate our ability to repay obligations to determine the level of insurance risk.