Doesn the use of credit report information discriminate against minorities, women and low income people?
No. The insurance scoring models we use today do not consider ethnic group, religion, gender, marital status, nationality, age, income, or address. These are simply not factors in credit scoring models. The use of credit information benefits consumers. For all of the reasons outlined above, the use of credit information by insurers is becoming more common. The relevance of credit information to insurance loss potential is proven by the actual loss experience of the insurance companies using it and by independent studies. These same sources also demonstrate that consideration of credit information increases the fairness of insurance underwriting, allows many consumers to pay less for insurance than they otherwise would, and enables insurance companies to offer coverage to more consumers than they had in the past. Important Notice – Please notify us if an extraordinary life event affected your credit history. Please contact your IFA representatives if you believe your credit information
