Credit Reporting

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Rev
. 9/04 Arkansas Consumer Services Division 1200 W est
Third S
t
r
eet Little Rock, AR 72201-1904 Phone: 501-371-2640 or 800-852-5494 Fax: 501-371-2749 E-mail: insurance.consumers@arkansas.gov W
eb site: www .arkansas.gov/insurance Insurance Department W
e
work for
you! Understanding How Insur ers Use Cr edit Information 1
5
. Does using credit information penalize minorities or low-income consumers? Statistical studies have not conclusively determined whether insurance credit scoring disproportionately af fects minorities or the poor . Insurance regulators nationwide are currently examining this issue. Consumer groups worry that insurance credit scores will be lower for low income and minority groups. Consumer groups also point to the fact that most insurers and insurance credit scoring model vendors will not make their insurance scoring models public so consumers can see how they use credit data to calculate a score. 1
6
. Where can I get more information?
Ask your insurance agent or company if they have educational material that explains how they use credit.
Contact the Department of Insurance by calling our Consumer Assistance Hotline toll free at 1-800-852-5494 or visit our website at www .arkansas.gov/insurance.
Contact the Federal Trade Commission for information about the FCRA or review their consumer brochures on credit. Call 1-877-382-4357 toll free or visit their website at www .ftc.gov .
Choice Point offers a service which allows consumers to see their insurance credit scores. The service cost $12.95 and is available at www .choicetrust.com.
Search the Internet, but be sure the information you find explains how insurers (not lenders) use credit information.
Contact your Cooperative Extension Service for information about improving your credit history . 1
7
. Final Points to Remember
There is a good chance your current or prospective insurer is looking at your credit.
Ask your insurance agent or company if they use credit information, how they use it, and whether it affects your state.
Get a copy of your credit report from each of the three national credit bureaus and correct any errors. T
ell your insurance agent and company about any errors and tell them your side of the story .
Improve your credit history if you have had past credit problems. Ask your agent or company for the top reasons (factors) that your insurance credit score is low ,
and work to improve those pieces of your credit history . If you are paying higher premiums because of your credit history , ask your insurer to re-evaluate you when you improve your credit. If your insurer will not agree to re-evaluate you, it is probably time to shop around.
Shop around for insurance. Insurance companies use credit information in different ways, so your rates can vary dramatically from company to company . 6. UNDERST ANDING HOW INSURERS USE CREDIT INFORMA TION Many personal auto and homeowners insurance companies look at several factors, including consumer credit information, to decide:
Whether to issue or renew an insurance policy
How much premium to charge for insurance This brochure will help you understand how insurance companies use your credit information and how this business practice affects how much you pay for insurance. 1
. Can an insurance company look at my credit information without my permis- sion? Y
es.
The Federal Fair Credit Reporting Acts (FCRA), says that insurance companies may look at your credit information without your permission for underwriting purposes. The federal law may be found at http://www .ftc.gov/ .
Arkansas also has a law regarding the use of credit information obtained from a credit bureau. That law is the Use of Credit Information in Personal Insurance Act of 2003 (Ark. Code Ann.



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