In a polarized vote, pitting the Republican nominated justices against the Democratic nominated justices, the Michigan Supreme Court has sided with the Big Insurance Companies, in a 4-3 decision that will allow them to use credit reports in order to offer discounts or issue denials.
Yes, if you live in Michigan and your credit is poor, you can be charged higher rates on your insurance.
In the minority opinion, Chief Justice Marilyn Kelly stated that the evidence supporting a connection between credit history and insurance risk was incomplete and inconclusive.
But the insurance companies insist that there is overwhelming evidence that people with poor credit are a higher insurance risk and they are more likely to have insurance claims.
What do you think? If you have bad credit are you more likely to have an incident that requires you to submit a claim to your insurance company?
The Michigan decision regarding insurance companies just further bolsters the need for credit repair solutions and good and reliable credit repair companies.
Read Insurance Rates Can Be Tied To Credit Scores Court Rules