Do You Know Your Consumer Risk Scores?

Ask and most people will say they know their credit score.   Having an acceptable credit score is extremely important for getting the best  rates on mortgages, car loans, insurance, and credit cards, to name a few.

But what about all the other scores being kept on us?  Is Big Brother Keeping Secrets?  They sure are!

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What are Consumer Risk Scores and why are they so important?  Consider this:  You enjoy wine with dinner and often purchase different brands and types.  So, why is that an issue?  Well if you pay with your credit or debit card, your car insurance company may have access to that information and charge you a higher premium due to your drinking habits.  So may your health insurance provider!

Buying medications, even if for your spouse or other person, may have an adverse affect on your consumer risk score for health insurance and other health related products.

Just like the phrase There’s an app for that – There’s a Consumer Risk Score for that, too!

How about your food buying habits?  We all have those pesky key ring tags that food stores require for you to get their discounts.  You enjoy chips and other processed foods?  You might be considered a higher health risk due to the foods you purchase, even if they are for other members of your family.

What do you think happens with the information accumulated about your buying habits?  Yup, it’s sold!  There are companies that keep every form of information about you – not limited to your buying, living and driving habits – churn it – and sell reports based on the information you are unwittingly providing.

 

A company named AnalyticsIQ provides detailed scores based on the data it receives and analyzes that data in a wide variety of reports.  This came from their web site:

WealthIQ™ is a proprietary wealth-assessment tool that uses unique, dynamic data to assess the wealth of each US consumer with 100% national coverage.

 

ScoreLogix’s web site states the following:

While other scores rely on credit histories, Scorelogix’s scores are unique because they provide an alternative view relying upon the income-risk theory to determine an individual’s ability-to-pay and credit risk.

 

Is Big Brother Keeping Secrets About Us?  The answer is a resounding Yes!  Unlike credit scores, there are no laws to protect us from the information gathered and sold as Consumer Risk Scores.  And as of this posting I know of no sure fire way to obtain or challenge your scores.

So how do we protect ourselves from the data churn? Here are just a few:you to have

• Keep your buying habits private.
• Use cash, not your credit or debit card.  Yeah, I know there’s an app for that.
• Start using cash to buy liquor, medications, and other items that might cause an adverse consumer risk score.
• Buy clothes, just not too many.
• Buy a modest home in an upscale neighborhood.

Want more information on this and other topics of importance?  Go to Bottom Line Publications.  They offer a wide variety of interesting and informative articles.

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