IBAO launches site promoting consumer awareness around credit scoring

The Insurance Brokers Association of Ontario (IBAO) launched a consumer Web site promoting a ban on the use of credit scoring in home and other personal property insurance.
The site, www.soaringinsurancerates.ca, is an interactive site that provides consumers with background information on the issue, a press room complete with media clippings, an online petition and the ability to send a personalized letter directly to their MPP.
“Credit scores are a factor that consumers have very little control over – most are unaware what their score is,” said Randy Carroll, IBAO’s CEO. “The use of credit scoring in measuring a person’s personal property insurance rate is a deceptive and unfair practice to Ontario consumers. This new Web site will educate Ontarians on the issue while providing them with all of the necessary tools required to reach out to their local MPP and demand that this practice be banned.”
MPP Mike Colle introduced a private member’s bill in November 2010, entitled Bill 130: The Homeowners Insurance Credit Scoring Ban Act, 2010. The bill asks the government to ban the use of credit scoring on personal property insurance.