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CNN Live At Daybreak
'Dollars and Deals'
Aired September 05, 2003 - 06:24 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
FREDRICKA WHITFIELD, CNN ANCHOR: Well, time now for some Dollars and Deals with our money saving guru Clark Howard. And this morning a consumer warning from Clark -- check your credit report.
(BEGIN VIDEOTAPE)
CLARK HOWARD, CONSUMER ADVOCATE: This morning's question is from Elizabeth in Charleston, South Carolina. Elizabeth, you say you found a mistake on your credit report, now it's affecting what you're paying for insurance. Is there anything you can do?
All right, let's move back a step because a lot of people are going to be absolutely shocked to know that what you pay for car insurance and what you pay for homeowner's insurance is directly affected by your credit report and credit score, because insurance companies absolutely, positively believe that if you have a low credit score, that you're going to burn down your house as an arsonist or you're going to purposely run your car into a tree.
Have they lost their minds? In fact, several states right now are considering banning the use of credit reports in the setting of rates for insurance, or, in fact, allowing insurers to can you or not allow you to have insurance just because of your credit score.
So if you have errors on your report right now, that means you've got a big problem. You've got to fight with the credit bureau to get the errors corrected. There's a form that comes with your credit report that you fill out and you send in disputing an error. In theory, in 30 days, that error is supposed to be corrected. In reality, if you have proof of it, it'll still take you about four months to get that problem fixed.
(END VIDEOTAPE)
WHITFIELD: Well, Clark will be back next Friday with more Dollars and Deals. And you can e-mail us your consumer questions. Just visit our Web site at cnn.com/daybreak. In the meantime, you can get Clark's money saving tips on the Web. The address is clarkhoward.com.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired September 5, 2003 - 06:24 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
FREDRICKA WHITFIELD, CNN ANCHOR: Well, time now for some Dollars and Deals with our money saving guru Clark Howard. And this morning a consumer warning from Clark -- check your credit report.
(BEGIN VIDEOTAPE)
CLARK HOWARD, CONSUMER ADVOCATE: This morning's question is from Elizabeth in Charleston, South Carolina. Elizabeth, you say you found a mistake on your credit report, now it's affecting what you're paying for insurance. Is there anything you can do?
All right, let's move back a step because a lot of people are going to be absolutely shocked to know that what you pay for car insurance and what you pay for homeowner's insurance is directly affected by your credit report and credit score, because insurance companies absolutely, positively believe that if you have a low credit score, that you're going to burn down your house as an arsonist or you're going to purposely run your car into a tree.
Have they lost their minds? In fact, several states right now are considering banning the use of credit reports in the setting of rates for insurance, or, in fact, allowing insurers to can you or not allow you to have insurance just because of your credit score.
So if you have errors on your report right now, that means you've got a big problem. You've got to fight with the credit bureau to get the errors corrected. There's a form that comes with your credit report that you fill out and you send in disputing an error. In theory, in 30 days, that error is supposed to be corrected. In reality, if you have proof of it, it'll still take you about four months to get that problem fixed.
(END VIDEOTAPE)
WHITFIELD: Well, Clark will be back next Friday with more Dollars and Deals. And you can e-mail us your consumer questions. Just visit our Web site at cnn.com/daybreak. In the meantime, you can get Clark's money saving tips on the Web. The address is clarkhoward.com.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
