Friday, January 15, 2010

Kreidler and state lawmakers propose ban on "credit scoring" by insurers

Washington state insurance commissioner Mike Kreidler and state lawmakers are pushing for a ban on the insurance industry's controversial practice of credit scoring.

Eight years ago, the legislature passed a law restricting the industry's use of certain factors in your credit history -- such as absense of credit and the number of credit inquiries. Today, your credit history is one of the largest factors in determing your rate. Kreidler believes the practice is inherently unfair -- especially in today's economy.

A hearing on House Bill 2513 is set for Wednesday at 6 p.m. in the John L. O'Brien Bldg., hearing room D.

To learn more about this bill and how insurers use you credit, check out our special credit scoring page.

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