A bill to ban insurance companies from using your credit information to determine how much you pay for auto and homeowners insurance is working its way through Washington’s Legislature. Insurers have argued that credit information is a good predictor of the likelihood you’ll file a claim in the future and there’s nothing unfair about it. They’re just assessing risk and isn’t that what insurance is all about?

Yes and no.

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Scores of 690 or above are considered good credit. www.nerdwallet.com

Insurance companies can use any factor to set rates as long as they can actuarially justify its use and it doesn’t discriminate against protected classes of people. While insurers do…

WA State Office of the Insurance Commissioner

Washington state Insurance Commissioner Mike Kreidler regulates the insurance industry and protects insurance consumers.

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