credit score News

Equifax Breach Exposed Credit Data of 143 Million U.S. Consumers

Equifax Inc, a provider of consumer credit scores, said on Thursday that personal details of as many as 143 million U.S. consumers were accessed by hackers between mid-May and July, in what could be one of the largest data breaches …

Why Millennials’ Credit Scores Are So Low

Millennials get plenty of recognition for frugality and their desire to share everything from cars to clothes, but they also have the lowest average credit score of any generation, according to a new study. The average millennial credit score is …

FICO to Downplay Medical Debt in Credit Scores

A move by personal credit score provider FICO to leave out or discount medical debt from its scores will boost the credit record of many borrowers, while helping lenders to better assess risk. The company, formerly known as Fair Isaac …

A Look at New Insurance Laws Taking Effect in 2013

With 2013 just around the corner, a number of states are preparing to implement new insurance-related laws. Insurance Journal highlights some of the changes that will take place around the country.

Consumers Learn High Cost of Being Poor in New Jersey

More than a decade ago, Joanne Jubert made six figures as an art director for a New York advertising agency. She pursued her passion of scuba diving. She joined film societies. She bought a modest home in upscale Little Silver. …

How Predictive Modeling Has Revolutionized Insurance

The use of predictive modeling has forever changed the way insurance policies are priced. The revolutionary tool allows insurers to design ever-more-sophisticated models that tap ever-more-detailed data sets to refine precisely how much each customer should be charged. Casualty actuaries …

Massachusetts Agents Drop Ballot Effort on Credit Ban

The Massachusetts Association of Insurance Agents (MAIA) has agreed to a request from state lawmakers to withdraw the ballot initiative it filed in August to prohibit the use of credit scoring, education, and occupational data in auto insurance. From now …

Massachusetts Agents Seek Ballot Measure to Ban Insurers’ Use of Credit Scores

Massachusetts independent insurance agents who oppose the use of credit scores, occupation and education level in auto insurance pricing by the insurance companies they represent are pushing to put a petition to ban such pricing on the state’s 2010 ballot. …

Use of Credit-based Insurance Scores Upheld in Texas

Texas law permits an insurer to use race-neutral factors in credit scoring to price personal lines of insurance. That’s the conclusion the Texas Supreme Court came to in considering a certified question from the Ninth Circuit court in a class …

PCI Opposes Legislation to Ban Use of Insurance Scores in Nevada

Proposed legislation to prohibit insurers from considering a consumer’s credit history would take away discounted rates for the majority of Nevada policyholders, according to the Property Casualty Insurers Association of America (PCI). PCI testified recently before the Nevada Assembly Commerce …