A measure in Oregon that would have barred the use of credit scoring in determining insurance premium rates went down to a resounding defeat last week.
Measure 42–rejected by 65 percent of voters–would have barred all use of credit scoring by insurers in calculating premiums. Under current law, credit scoring is allowed only on initial applications, and prohibited for existing customers.
"Voters…understood that if Measure 42 passed, consumers would lose the lower rates most now enjoy because they manage personal finances responsibly," said Pat McCormick, a representative for Oregonians Against Insurance Rate Increases.
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