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Study Links Poor Credit, Insurance Losses
A study released from the Bureau of Business Research at the University of Texas at Austin shows a "statistically significant" relationship between a person's credit history and tendency to incur losses on an auto insurance policy. "In general, lower credit scores were associated with larger incurred losses," reported the study, which Texas State Sen. William Ratliff commissioned in June 2002 to examine the relationship between credit scores and incurred losses.

The practice of using credit histories to adjust insurance rates has stirred controversy across the U.S. Legislators in Kansas, Nevada, and Texas are exploring curbs on the practice. In January, the state of Washington issued a change in insurance rules forbidding the use of a person's credit history to judge risk.

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How to Dispute Credit Report Errors
You have the right to know what information is in your credit report.
You have the right to dispute the completeness and accuracy of items in your report.
Credit reporting agencies must reinvestigate items in your report that you dispute as inaccurate or incomplete unless they have reason to believe the dispute is frivolous or irrelevant.
Accurate negative information can be reported for seven years; facts about bankruptcies can be reported for 10 years.

Your credit report contains important information about you. It generally includes facts about where you work and live and your bill-paying habits. It also may state whether you've been sued or arrested or have filed for bankruptcy. Companies called credit reporting agencies or credit bureaus compile and sell your credit report to businesses that use it to evaluate your applications for credit, nsurance, employment, and other purposed allowed by federal law. Therefore, it is important that your credit report contains complete and accurate information.

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National Foundation for Credit Counseling
For help, contact our national toll free crisis hotline at 1-800-388-2227, locate the Member agency in your area or receive Online Counseling. Based on your area code, your phone call will automatically be plugged into the NFCC office nearest you. "NFCC is a national network of 1,450 non-profit Member agencies. Learn about our full range of services, from accredited money management education to confidential budget, credit and debt counseling, and debt repayment plans, to home-buyer education, and mortgage programs.

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