|Received:||3/14/2005 11:37:35 AM|
|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:Current credit scoring is unfair to consumers. Credit reports contain many inaccurate and misleading information that is not easily correctable by the consumer. Credit bureaus point consumers to creditors and creditors point consumers to credit bureaus to fix errors. All the while it is the consumer that is being hurt. Insurance should not be based on credit as it has nothing to do with insurance at all. Insurance premiums should be based on past driving record, not past credit history. Credit bureaus release credit info to potential creditors at will, but consumers must pay up to $300 annually to actively manage their credit reports. If a credit report can contain inaccurate harmful information then a consumer should be able to view their report at will, on line at no cost.