Credit Scoring News

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 …

Massachusetts Enacts Law on Credit Ban for Auto Insurance

Massachusetts Governor Deval Patrick signed into law a bill that bans the use of credit in underwriting and rating private passenger motor vehicle insurance in his state. The law, Chapter 195 of the Acts of 2011, was signed by the …

Maryland Weighs Prohibition on Insurers’ Use of Credit Scores

Maryland lawmakers are weighing whether to prohibit insurers from using credit scores to rate auto policies — a move insurers say is a bad idea. The economic matters committee of the House of Delegates recently held an initial hearing on …

Colorado House Tables Credit Disclosure Bill

Legislators in Colorado are considering a bill that would require additional disclosures of information that insurers use for underwriting personal lines property/casualty insurance policies. House Bill 11-1127, concerning the use of consumer credit information, would make the filing of actuarial …

$12 Million Recovered for Colorado Insurance Consumers, State Claims

Colorado insurance regulators fielded more than 25,500 inquiries from consumers in the past year, resulting in a total of nearly 5,000 formal grievances. During this period, the investigation of these grievances amounted to more than $12 million being recovered for …