Supreme Secret
Jun 10th, 2007 by Afiya
The Supreme Court issued an opinion on June 4, 2007 regarding insurance companies use of credit scores. The cases involved Safeco Insurance v. Burr, 06-84 and GEICO General Insurance v. Edo, 06-100. One of the main issues was when an insurance company is required to inform a consumer that a higher rate was charged as a result of a low credit score. Broken Credit Blog readers, please tell me if this sounds good or bad…
The Opinion of the Court reads: This ruling “keeps first-time applicants who actually deserve better-than-neutral credit scores from getting notice, even when errors in credit reports saddle them with unfair rates. This is true; the neutral-score baseline will leave some consumers without a notice that might lead to discovering errorsâ€.
Me thinks it sounds bad.
Conclusion:Â check your free credit report before applying for a loan or insurance!
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