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Insurers Barred from Using Credit Scores In Setting Auto Insurance Rates
Boston—On Wednesday, Nov 23rd Governor Patrick signed a MASSPIRG supported bill prohibiting insurers from using credit scores for underwriting and setting auto insurance premiums.
When the Massachusetts auto insurance market was deregulated in 2008, MASSPIRG called on lawmakers and regulators to make ensure auto insurance premiums would be fair, and based on factors related to “how you drive” not “who you are.”
Credit scores, obtained from credit reports are often incomplete and inaccurate and have no relation to how one drives.
MASSPIRG is continuing to push for reforms prohibiting insurers from using other rating factors not related to consumers’ driving record including type of employment, and home ownership.
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