When I read an article about how credit scores are used to increase insurance premiums all across the United States, it confirmed something I had long suspected but lacked concrete data to support. The authors of the article contend that various communities, including African American and Hispanic American groups, tend to pay significantly more compared to others outside these demographics.
I distinctly recall when this practice began in the early 2000s. It made no sense then, and it makes even less sense now, in my opinion. We were told that credit scores could accurately predict if someone was going to get into an accident. When we asked, “How is this possible?” the insurance companies would respond with, “It’s a trade secret.” Today’s reality for many consumers in New York: the monthly cost of insurance now exceeds two weeks of pay. There has to be a more equitable way to arrive at a fair premium that helps the insurance companies provide much needed insurance at a fair premium across all demographics.
So, what can we do to address this issue?
The solution consists of two parts, one long-term and the other short-term:
1) Long Term: Express your concerns to the Governor of New York, every 6 to 12 months, because they are responsible for all the insurance laws in the state. Click here to send a message. And it is my personal opinon that the manner in which these laws are written are hurting New Yorkers. In other words insurance laws are presently unbalanced and it shows up in your mailbox every month in the form of a huge insurance bill. This is definitely a long process and will take time to materialize into positive change, so we may as well get started now.
2) Short Term: Enroll in our Credit Builder Program for free. Click here to enroll.
We understand that engaging with elected officials may seem daunting, and we want to provide resources to support you while we wait. In the meantime, a temporary solution to this problem is to improve your credit. In my daily conversations with clients, many have expressed their uncertainty about how to go about it or whom to trust about getting help with this. When I faced credit issues, I taught myself how the mathematical formula in credit scoring works and discovered how to increase it. I took everything I learned and created videos to teach others the simple concepts that worked for me. Hint: There’s almost no math involved for you to do, but I do explain it in the hopes of giving you a better understanding. I’m confident it will work for you as well.
How long will it take?
In just a few minutes each week, our program will guide you through essential concepts and demonstrate the steps to significantly improve your credit. This program is free for all current and future Silverline Insurance customers.
We welcome individuals from diverse backgrounds and experiences and are committed to providing equal opportunities for all. Join us in this effort to address an issue that impacts a wide range of communities.
