WASHINGTON–Five insurance industry trade groups defended carriers' utilization of credit records to set personal lines insurance rates and warned that barring their use would create major disruptions in the marketplace.
The letter was sent to members of the Oversight and Investigations Subcommittee of the House Financial Services Committee, which called witnesses to testify on the issue at a hearing today.
In opening the session, the chairman of the committee, Rep. Mel Watt, D-N.C., said in a statement: "I don't think anyone should favor a [credit scoring] system in which, either directly or indirectly, racial classifications are allowed to hinder a person in their daily lives."
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