Washington insurance rate calculation for property coverage cannot use credit scores

Washington insurance rate calculation - person holding credit card and using computer

Commissioner Kriedler has banned the use of this factor for three years following the pandemic’s end. State Commissioner Mike Kreidler’s office has announced that he has issued an emergency rule banning Washington insurance rate calculation from using credit scores as a factor. This rule will remain in place for property insurers for three years following the declaration of the end of the current COVID-19 pandemic. The new emergency rule will be applicable to homeowners, renters, and auto insurance premiums. “The insurance industry’s dependency on the discriminatory practice of credit scoring…

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