The insurance industry has begin using customers "credit history as the basis for underwriting to determine the insurance premium. This method is being applied to all aspects of property and casualty insurance and in some states is considered an unfair practice. Using this method to determine customers" premiums has made insurance unaffordable and caused a financial hardship to some customers. Organization renewal is an important factor in business, but this type of renewal seems to do more harm to the consumer by increasing profits for the insurance companies.
Micro Identification.
The micro identification of this problem is that insurance companies will have a better book of business by writing insurance for people with high credit scores. Insurance companies have found that people with high credit scores usually will not file a claim for something they have the money to pay for themselves. .
Macro Identification.
The macro identification of this problem is that customers with low credit scoring usually do not have disposable income and rely on credit or insurance to cover a loss that occurs. .
When using credit, payments are usually late or not made, which the insurance companies use to place these people in a high-risk category for premium underwriting. .
Initial Date that the Problem Exists.
The first time I became aware of this problem is when I was filing a new insurance policy form and rate memorandum in the State of Maryland. The Maryland Department of Insurance sent me a letter stating, we need to state in the policy that if credit scores were being used as an underwriting tool, it could not be the only means used to determine the customers risk factor in determining their premium rate. I started researching the trade publications, National Underwriter, CPCU News Magazine, Best's Insurance News, FairIsaac and Consumer Federation of America, Independent Insurance Agent, as a few of my sources.
This article tells how important your credit score really is. Your credit score is used for almost everything today from buying a car to even getting a job. Before 2001 credit scores were not available personally to you. ... I agree that they should have a credit score so you can know your risk of lending someone money. ... The main score used is called the FICO score. ...
Credit Cards: The Potential Dangers Credit card debt is a major problem for some college students because it can easily get out of control. ... The average score was fifty-seven percent ("Undergraduate Students and Credit Cards" 9). ... Credit cards are also quite convenient. ... Also, using a credit card gives the user a credit history, which helps to get home loans and other credit in the future. ... However, credit cards can be quite convenient and helpful in establishing a credit history. ...
The scoring of a film has always been a cornerstone to the success of the film, no matter how primitive or extravagant the music may be. The history of the film score indicates the work and industry growth and how much that growth has changed the movie going experience. ... Symphonic, highly orchestrated film scores began to "take a seat closer to the front of the bus." ... With the development of intricate, multi-layered film scores, came a concept known as the "click track." ... These men wrote the scores for many of the famous films that came out of the era of the "talkie." ...
Credit score was also a major key in the crash of 2007. Lenders looked at the credit score, and if the credit score passed a certain threshold, then the applicant was able to receive the said loan for the mortgage on the house. ... With a low credit score, many low-income families are not able to take out loans for high education or even loans for their house. ... Their credit score was average, sub-par at best; however, after the crash, it tanked severely. ... With a low credit score, families are not able to afford higher education which only feeds more to the negative feedback loop. ...
Some creditors use the process of credit scoring to decide whether to give a loan or credit card (Alexander 1). The credit scoring system awards points for each factor, involving the consumer's past credit history, the creditor finds important (Alexander 1). ... The California Bankers Association rejected the Credit-score Access Bill (Showley 1). ... The California Bankers Association believed that consumers would change their credit records to improve their scores (Showley 1). ... In addition, the right to receive a copy of their credit scores with copies of their credit file (Realit...
The average GPA for students accepted by SCCO is 3.34 and the average OAT score is 335. ... The average GPA for these incoming students was 3.33 and the average OAT score was 325. ... Incoming UHCO students had an average GPA of 3.31 and an average OAT score of 318. ... Students have 62.75 credits during their first year, 63.25 credits their second year, 57.75 credits the third year, and 54 credits their final year. ... An optometry student there can expect to have 61 credits his first year, 64.5 credits the second year, 51.5 the third, and 48 credits his final year. ...
Each state can determine what is deemed as proficient when it comes to testing scores. Many states are lowering their test scores so more students can pass or meet the "proficiency guidelines". ... Now the individual schools are keeping these students so they can get a better overall score on standardized testing at their home school. ... In Ohio, seniors must have three mathematic credits to meet there graduation requirements as well as passing the OGT. ... Seniors at Newark City Schools will have at least an Algebra I credit, Geometry credit, and an Algebra II credit. ...
Score each answer 1 to 3., ex. ... Total up the scores from all five questions. ... If the score is 11 or higher, go see the property. ... Your challenge is not to always have adequate credit, cash flow, or collateral --- but to find other people who are willing to lend them to you. ... If you lack any of the four C's --- credit, cash, cash flow, or collateral then you will need some help from OPM or OPR. ...
In evaluating the overall scores, Mr. ... Josephs didn't have access to all the information related to the evaluations of the candidate pool and therefore couldn't consider all the evidence when designing and assigning credits in her matrix. ... Zimpfer scored better in an analysis of overall job experience and job duties. ... Josephs, there were at least two candidates who scored as well or better than Mr. ... It would have benefited them to invest in a third party scoring system to review all the candidate information - from experience to interview scoring and personality fit - t...