WSJ – link good for seven
days.
days.
Consumers with poor credit
histories are more likely to file insurance claims, a study
found.
… Credit history was
found to be a significant factor in homeowners’ claims, although regulators
couldn’t determine its importance in relation to other factors, such as a home’s
age. Overall, the study didn’t find a correlation between credit scores and the
size or severity of a claim, only the likelihood of filing one. … California
and Hawaii ban the practice, and Maryland has barred using credit scores in
homeowners’ insurance, while allowing it for auto-insurance policies.
It makes sense, but it’s still
wrong. Right now, credit scores are the single most important factor for almost
every facet of our financial world. Be careful.
Interested in Learning More?
I have been been representing buyers and sellers in Charlottesville, Albemarle, and Central Virginia since 2001. Get local insight born of experience.
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