Equifax Inc., the second-biggest global credit bureau, was hit with a proposed class-action lawsuit after a report that it provided inaccurate credit scores on millions of US consumers looking for loans. The suit, filed Wednesday in federal court in Atlanta, …
Equifax Inc. said some consumer credit scores were changed because of a computer error that has since been rectified. A server “coding issue” led to the inaccurate scores, the consumer credit-reporting firm said Tuesday in a statement posted on the …
This post is part of a series sponsored by TransUnion. Credit-based insurance risk scores draw from credit data to more accurately assess consumer risk and improve the underwriting process Today, credit-based insurance scores are widely used by the personal property …
The Federal Reserve Bank of New York warned that credit scores — the all-powerful number that can determine if a consumer is able to qualify for a loan, rent a home or even buy car insurance — might have gotten …
A Washington bill to ban insurers from using consumers’ credit scores to determine auto and homeowner insurance premiums was gutted by an insurance industry amendment in the Senate Business, Financial Services & Trade Committee on Feb. 15. Senate Bill 5010, …
Root Insurance pledged to eliminate the use of credit scoring from its car insurance pricing model by 2025, a move the insurtech said will help remove bias and discrimination from the process. “Eliminating credit scores is a major and necessary …
A series of new laws have taken effect in Michigan that how insurance companies can use a person’s credit information. The laws passed last session went into effect March 28. Under one of the measures, insurers can’t use people’s credit …
A Massachusetts independent agents group said it is confident that banning auto insurers’ use of credit scores and other socioeconomic factors will become a state law in coming months. The Massachusetts Association of Insurance Agents (MAIA) said it is preparing …
From changing jobs to moving to a different house to downsizing vehicles, Americans have made decisions during the recent economic downturn that impact unexpected areas of their life – like car insurance. In fact, in the past year 53 percent …
