Robin's Commentary--
Isn't it interesting that your credit score has become important in more ways than just applying for loans.
In recent years, insurance companies have started using your credit score to base their insurance rates. The argument is, the better your credit, the better driver you are. Statistically speaking of course.
I remember getting notified from my insurance company that they were using my credit score to base my insurance rates. Funny, I always thought that you had to give prior authorization before a company could look at your credit history.
One issue that I think comes to play, especially in this time of identity theft, is who should be allowed to have access to your credit history and should you have the right to deny companies from viewing your credit history without consequence.
Yesterday, I'm filling out an online job application for a local computer software company. it seem like a standard employment application until it asked me for authorization to access my credit history for a background check. The application gave me the option to "agree" or "disagree" to access to my credit report.
I was thinking, "what the hey!" Why do they need that? This is not a top security company that I'm applying for. They have not even offered me the job yet. what happens if I say no?
I called the company and asked them what would happen if I denied them access to my report? I was not surprised when they responded that "chances are that the company will not extend an offer for employment."
Well since I am not independently wealthy and I do need a job, I went ahead and agreed to let them have access to the report.
So now, this third-party company who I've never heard of before, now has my Social Security number, date of birth, drivers license, my full name and work history BEFORE I am even offered employment.
The only thing that they have not asked me for "yet" is my mother's maiden name so they can totally complete the picture.
5 comments:
I'm sure you are aware that one of the inititives they are trying to put on the next ballot is to make it illegal for insurance companies to use your credit history when quoting you insurance costs. I'm waiting for the day when they perfect DNA analysis to the point that they can predict what diseases and defects you possess and deny you coverage at birth. Also you know that all the soldiers have to give DNA samples. I suspect they might find a way to deny any medical claims such as agent orange because they can say that the person was predisposed to some illness because of their genes.
Oh, and it gets better. Did you know that every time your credit is checked, it is recorded in some data-base and looked upon as a bad thing. Companies will inquire as to how many credit checks have been run on you. (You must be a pulling a scam if someone keeps running credit checks on you.) And you have to pay some people to run the check, like real estate companies. I pay cash as much as I can. At least for now, it is worth something.
This is still in the news and it bothers me a lot. I thought your driving record was the guage for insurance rates. I found out that insurance companies use many guages to rate your driving. For instance...did you know that your rates are higher if you are divorced? They say it shows poor judgement. Since I wasn't driving at the time, and I didn't wreck or speed, I fail to see what my marital status has to do with my CLEAN driving record. I have had one ticket in my 35 years of driving, and I wasn't even behind the wheel. I was a passenger. That was 10 years ago. I have been divorced for more than 20 years, and they still hold it against me. I have said for many years that insurance is a scam. People lie, cheat and kill for insurance money. I think the system needs to be revamped.
Greets to the webmaster of this wonderful site. Keep working. Thank you.
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Keep up the good work. thnx!
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