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Credit-Based Insurance Scores: Impacts on Consumers of Automobile Insurance
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Authors: Martin H. Tarlington 
Book Description:
Section 215 of the FACT Act (FACTA)1 requires the Federal Trade Commission (FTC or the Commission) and the Federal Reserve Board (FRB), in consultation with the Department of Housing and Urban Development, to study whether credit scores and credit-based insurance scores affect the availability and affordability of consumer credit,as well as automobile and homeowners insurance. FACTA also directs the agencies to assess and report on how these scores are calculated and used; their effects on consumers, specifically their impact on certain groups of consumers, such as low-income consumers, racial and ethnic minority consumers, etc.; and whether alternative scoring models could be developed that would predict risk in a manner comparable to current models but have smaller differences in scores between different groups of consumers. The Commission issues this report to address credit-based insurance scores primarily in the context of automobile insurance. Credit-based insurance scores, like credit scores, are numerical summaries of consumers’ credit histories. Credit-based insurance scores typically are calculated using information about past delinquencies or information on the public record (e.g.,bankruptcies); debt ratios (i.e., how close a consumer is to his or her credit limit); evidence of seeking new credit (e.g., inquiries and new accounts); the length and age of credit history; and the use of certain types of credit (e.g., automobile loans).

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Table of Contents:
Preface

List of Tables

List of Figures

I. Executive Summary

I. Introduction

III. Development and Use of Credit-Based Insurance Scores

A. Background and Historical Experience

B. Development of Credit-Based Insurance Scores

C. Use of Credit-Based Insurance Scores

D. State Restrictions on Scores

IV. The Relationship Between Credit History and Risk

A. Correlation Between Credit History and Risk

1. Prior Research

2. Commission Research

a. FTC Database

b. Other Data Sources

B. Potential Causal Link between Scores and Risk

V. Effect of Credit-Based Insurance Scores on Price and Availability

A. Credit-Based Insurance Scores and Cross-Subsidization

1. Possible Impact on Car Ownership

2. Possible Impact on Uninsured Driving

3. Adverse Selection

B. Other Possible Effects of Credit-Based Insurance Scores

C. Effects on Residual Markets for Automobile Insurance

VI. Effects of Scores on Protected Classes of Consumers

A. Credit- Based Insurance Scores and Racial, Ethnic, and Income Groups

1. Difference in Scores Across Groups

2. Possible Reasons for Differences in Scores Across Groups

3. Impact of Differences in Scores on Premiums Paid

a. Effect on Those for Whom Scores Were Available

b. Effect on Those for Whom Scores Were Not Available

B. Scores as a Proxy for Race and Ethnicity

1. Do Scores Act Solely as a Proxy for Race, Ethnicity, or Income?

2. Differences in Average Risk by Race, Ethnicity, and Income

3. Controlling for Race, Ethnicity, and Income to Test for a Proxy Effect

a. Existence of a Proxy Effect

b. Magnitude of a Proxy Effect

VII. Alternate Scoring Models

A. The FTC Baseline Model

B. Alternative Scoring Models

1. “Race Neutral” Scoring Models

2. Model Discounting Variables with Large Differences by Race and
Ethnicity

VIII. Conclusion

Tables

Figures

Appendix A. Text of Section 215 of the FACT ACT

Appendix B. Requests for Public Comment

Appendix C. The Automobile Policy Database

Appendix D. Modeling and Analysis Details

Appendix E. The Score Building Procedure

Appendix F. Robustness Checks and Limitations of the Analysis

Index

   Binding: Hardcover
   Pub. Date: 2009 - 2nd Quarter
   ISBN: 978-1-60692-914-8
   Status: AV
  
Status Code Description
AN Announcing
FM Formatting
PP Page Proofs
FP Final Production
EP Editorial Production
PR At Prepress
AP At Press
AV Available
  
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Credit-Based Insurance Scores: Impacts on Consumers of Automobile Insurance