Florida CFO Alex Sink said she is "unimpressed" with auto insurers' justifications for using credit information in determining rates, and she voiced support for bills that would ban the practice.
In a press briefing today, Ms. Sink noted that in the current economy, consumers' credit scores could be lowered through no fault of their own, and that could adversely affect their insurance rates. She cited lost jobs and increased debt as examples of economically-driven factors that could affect credit, and she added insurers "should not be kicking Floridians when they're down."
Ms. Sink added she has asked insurers why they feel the need to use credit information, "And frankly I have been very unimpressed with their reasons."
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