Credit Information allows insurers to provide discounts to home insurance customers with good financial management practices
TORONTO, April 5, 2012 /CNW/ - The Canadian Association of Direct Relationship Insurers (CADRI), states that the use of credit information can benefit the majority of home insurance customers. Insurers are able to provide discounts to those home insurance customers with good financial management practices.
"CADRI felt it important to present the facts with respect to the use of credit information" said Susan Murray CADRI's Vice-President of External and Government Relations. "The majority of people in Ontario have good credit scores and as a result benefit from a discount on their insurance premiums. The use of credit information benefits the majority of homeowners in Ontario regardless of their income level."
Credit scores are widely used for a variety of financial and other products and services, everything from renting an apartment to signing up for a cell phone plan.
"It is crucial that consumers are well informed about the use of credit scores and how a consumer might find out their score" stated Ms. Murray. CADRI members follow a Code of Conduct on the use of credit information. The code ensures that consumers are explicitly notified and give consent for their credit information to be used and that they are treated fairly."
Educating consumers regarding financial issues is important to CADRI members and they are committed to improving consumer understanding of this and other important insurance related issues. Consumers can find out more information about credit scores and how to request a copy of their credit from TransUnion or Equifax directly.
The Canadian Association of Direct Relationship Insurers (CADRI) is a trade association representing insurance companies who offer automobile, home and commercial insurance products to Canadians on a direct basis. Whether through the web, on the phone or face-to-face, CADRI members provide end-to-end service and are in direct relationships with their customers through all steps of the sales and service process.
For further information:
Susan Murray: Vice-President, External and Government Relations
Canadian Association of Direct Relationship Insurers
General Office Tel: 416-773-0101
Phone: 416-773-0101 Fax: 416-495-8723
Email: [email protected]