Credit Scoring News

Washington Bill to Ban Insurers from Using Credit Scores Heads to Senate

Washington Insurance Commissioner Mike Kreidler’s bill to prohibit insurers from including information from consumer credit histories in the insurance scores used to calculate premiums for auto, homeowners, renters and life insurance policies is set to be taken up in Senate …

Credit Scoring Battle Brewing Between Washington Commissioner and Insurer Groups

Insurer groups are taking issue with push by Washington Insurance Commissioner Mike Kreidler to prohibit insurers from including information from consumer credit histories in the insurance scores used to calculate premiums for auto, homeowners, renters and life insurance policies. Kreidler …

Washington Commissioner Tells Insurers It’s Time to Ban Credit Scoring

Washington Insurance Commissioner Mike Kreidler reached out to insurance company CEOs in a letter and urged them to stand behind their recent pledges to end discrimination and racial inequities by supporting his proposal to ban the unfair practice of using …

Washington Insurance Commissioner Wants to Ban Credit Scoring

Washington Insurance Commissioner Mike Kreidler is calling on the insurance industry to end its use of credit scoring in auto, property, renters and life insurance, citing the economic impact of the COVID-19 pandemic and the calls to end institutional racial …

Texas to Insurers: Credit Score Exemption Rules Apply During Pandemic

The Texas Department of Insurance (TDI) has issued a reminder to carriers that Insurance Code Section 559.103 provides for exceptions to the use of credit scores affected by certain events, including temporary job loss. TDI said the exemption applies following …

1 in 20 Credit Reports Have Errors: FTC

One in 20 American consumers had mistakes on their credit reports that would have increased their interest rates on loans or caused them to pay more for insurance, the Federal Trade Commission said in a report released on Monday. Experian, …

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.

Va. Regulators Advise Consumers to Check Credit Reports for Accuracy

Virginia regulators are advising consumers to check their credit reports periodically for accuracy and ask their insurance companies about how their credit information may be affecting their policy.According to Virginia’s Bureau of Insurance, insurers look at many factors when determining …

Michigan Enacts Changes to Insurance Scoring Law

Michigan Gov. Rick Snyder has signed a series of bills that will help insurance consumers by providing additional protections regarding the use of credit-based insurance scores, according to the Property Casualty Insurers Association of America (PCI). The package of insurance …

Progressive to Pay $125K Fine in Massachusetts‎

The Massachusetts Division of Insurance announced a $125,000 financial settlement with Progressive Direct Insurance Company. Regulators said Progressive erroneously informed some Massachusetts consumers that they had used credit information to determine their auto insurance rate through its website. Regulators said …