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Books > Business & Economics > Finance & accounting > Finance > Insurance
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Credit-Based Insurance Scores - Impacts on Consumers of Automobile Insurance (Hardcover)
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Credit-Based Insurance Scores - Impacts on Consumers of Automobile Insurance (Hardcover)
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Section 215 of the FACT Act (FACTA)1 requires the Federal Trade
Commission (FTC or the Commission) and the Federal Reserve Board
(FRB), in consultation with the Department of Housing and Urban
Development, to study whether credit scores and credit-based
insurance scores affect the availability and affordability of
consumer credit, as well as automobile and homeowners insurance.
FACTA also directs the agencies to assess and report on how these
scores are calculated and used; their effects on consumers,
specifically their impact on certain groups of consumers, such as
low-income consumers, racial and ethnic minority consumers, etc.;
and whether alternative scoring models could be developed that
would predict risk in a manner comparable to current models but
have smaller differences in scores between different groups of
consumers. The Commission issues this report to address
credit-based insurance scores primarily in the context of
automobile insurance. Credit-based insurance scores, like credit
scores, are numerical summaries of consumers' credit histories.
Credit-based insurance scores typically are calculated using
information about past delinquencies or information on the public
record (eg: bankruptcies); debt ratios (i.e., how close a consumer
is to his or her credit limit); evidence of seeking new credit
(e.g., inquiries and new accounts); the length and age of credit
history; and the use of certain types of credit (e.g., automobile
loans).
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