|Received:||3/12/2005 7:54:47 PM|
|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|
Comments:My Credit Reports contain numerous errors which I'm still trying to fix after one year of effort thus far. Given that my credit scores are based on the incorrect contents of my credit report, my credit scores are also wildly inaccurate. So for my insurance company to base my rates on my credit score just penalizes me for the mistakes and incompetencies of the credit bureaus and the furnishers of my credit information. My credit scores have nothing to do with my driving ability or driving record which is spotless. After spending countless hours over the past year trying to correct inaccuracies, I can't help but conclude that the credit bureaus, credit furnishers, credit scorers, and insurance companies are in collusion to purposely maintain inaccurate consumer databases to deflate credit scores for the purpose of raising interest and insurance rates. Please end the practice of basing insurance rates on credit scores and force the credit furnishers and credit bureaus to clean-up their databases ASAP.