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The issue at hand is the use of a consumer s credit score as an underwriting tool for auto insurance rates. What is a credit score or FICO score? A FICO score is a credit score developed by Fair Isaac &amp Co. Credit scoring is a method of determining the likelihood that credit users will pay their bills. Fair, Isaac began its work with credit scoring in the late 1950s and, since then, scoring has become widely accepted by lenders as a reliable means of credit evaluation. A credit score attempts to condense a borrower s credit history into a single number. Fair, Isaac &amp Co. and the credit bureaus do not reveal how these scores are computed. The Federal Trade Commission has ruled this to be acceptable.

Isn t it interesting that the score most important in our financial lives, our consumer credit score does not even contain full disclosure? As stated above the Federal Trade Commission has ruled that it is ok for Fair Isaac &amp Co not to disclose the algorithms used in this process, (more...)

For some people, looking for car insurance is akin to getting their teeth pulled. They find it difficult and frustrating. Trying to decipher between what coverage is best and what insurance company has a solid reputation is confusing. In Washington State there are over 85,000 companies and brokers all licensed to sell car insurance. You may think they know best, but the truth is, you as the consumer should know exactly what you are looking for in order to find the most affordable car insurance for you.

A few points to keep in mind when you begin your search include:

- The type of car you are insuring. Some cars are more affordable to insure than others because they are at less risk of being stolen or being in an accident. It s wise to ask an insurance agent about this before making a new car purchase.

- Whether or not to get glass coverage. Many people pay a substantial amount of money in premiums for glass coverage. A good idea is to inquire about the price of a replacement window an (more...)