Washington proposes banning use of credit scores to set insurance rates.

BANKING AND CREDIT NEWS-June 17, 2020--Washington proposes banning use of credit scores to set insurance rates

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Global Banking News - 17 June 2020

Washington's insurance commissioner, Mike Kreidler, has proposed that insurance companies stop using credit scores to set insurance rates for customers.

The commissioner has proposed a new bill to be presented at the upcoming special legislative session. For more than two decades, insurance companies had been using customers' credit scores to set insurance rates. The practice was based on the claim that customers'...

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