Seen at the Waldo County Village Soup:
The bill, sponsored by Rep. Linda Valentino, D-Saco, would provide some disclosure in what has traditionally been a secret process. Her original proposal would have banned outright the procedure of using credit scores in determining insurance rates. The Insurance and Financial Services Committee amended it to instead require notification, which Valentino said gives consumers the opportunity to shop around with companies that don’t use the practice.
I suppose that it’d be silly for me to point out that such disclosure is essentially required by the federal Fair Credit Reporting Act as it is currently interpreted.
Under the FCRA, users of credit information must disclose when an adverse action is taken due to the use of that information. And, if memory serves, the current trend is for judges to interpret “adverse action” in insurance terms as meaning anything other than getting the very best price.although some insurers still disagree with that interpretation.