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Criticizing credit scores

Former IBAO president Bryan Yetman on the use of credit scores by insurance companies

In a November 2013 article in MoneySense magazine on credit scoring, vice-president of operations at First Dunham Insurance and former president of the IBAO, Bryan Yetman, criticized the use of credit scores by insurance companies.

Read: Credit scoring catch-up

In the MoneySense article, Yetman told the story of a client who was going through a divorce and, after being diagnosed with breast cancer, took time off work because she needed a double mastectomy. During all this turmoil, she missed some bill payments and her credit score nose-dived.  Her insurer then doubled her premiums.

“Because you were late on a bill payment or you lost your job, is your house more likely to burn down?” Yetman asked.

To read the full MoneySense article on credit scoring click here.  

MoneySense is a sister publication of Canadian Insurance Top Broker magazine.