OFT unhappy with use of Experian provided data for motor insurers

[Jasper1965]

Seems those pesky old CRA's will stop at nothing when trying to involve themselves in peoples lives for no apparent reason other than to turn a quick buck.

 

The OFT have just forced seven major insurers to restrict their use of Experians "WhatIf? Private Motor" software which basically 'predicts' what price the other insurers would quote prior to quoting.

 

Predicts is probably the wrong word, compares is more accurate as it appears that the software enables the insurer to charge up to the max safe in the knowledge that the other major insurers are going to be putting in a similarly priced quote.

 

Price comparison schemes such as this may go some way to explaining why after my 27th claim free driving year in a row my insurance premium went up 40% on the same vehicle this year.

 

So the CRA produces data which the CRA's client uses to manipulate the highest possible return from a customer, nothing new there then!!

[sillygirl1]

Experian hava a load of data models which they sell to various companies and they are as guilty as everyone else of selling and misusing our data.

 

Hopefully somebody will give the OFT teeth to start getting Experian and the like under proper regulatory control.

[inkslinger]

Im not holding my breath....... both purple, blue then fishy belly white are not great colours on me........