Ontario MPP’s petition aims to stop credit scoring for home insurance
Ontario Member of Provincial Parliament Mike Colle (Eglinton-Lawrence) wants the use of credit scoring to determine home insurance premiums or eligibility banned.
In November 2010, Colle introduced Bill 130: The Homeowners Insurance Credit Scoring Ban Act, 2010 and now he has launched a petition, as well.
Colle said that using credit scoring for homeowners insurance, condo insurance and tenant insurance is “a secretive and unfair practice, which results in home and property insurance being denied, or premiums going through the roof.”
“It is time to ban this practice, that is especially hard on those who can least afford it, such as seniors, single family households, and small businesses,” a statement on his website said.
Colle points to the fact that a reported 75% of Ontario insurance consumers do not know that their credit history can be used to determine insurance eligibility or set premiums. The practice of credit scoring in auto insurance was banned by the Ontario government in 2005 but there is no such restriction for home insurance.
For more information on this Bill, contact Mike Colle at 416-781-2395 or email him at mcolle.mpp.co@liberal.ola.org. The petition can be accessed here. (PDF)
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