Idaho joined a growing
number of states seeking to regulate the use of credit history when
Idaho lawmakers passed a bill to prevent insurers from using a person's credit report to charge higher auto or home insurance premiums.
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Senate
Bill 1408 — which says insurers must give credit history the same
weight in rating decisions as any other criteria used to increase
premiums, cancel, nonrenew, or decline to issue a policy — is now on
Idaho Gov. Dirk Hempthorne's desk, awaiting his signature. According to a study by Conning & Co., more than 90
percent of auto insurance companies, and an increasing number of home
insurers, use your credit information, filtered through a formula to
create an "insurance risk score," to determine how likely you are to
file a claim on an insurance policy. More than half of those insurers
use that information to determine how much to charge you in premiums.
Read How your credit history affects your auto and home insurance premiums.
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