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State Representative Joe Mullery
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-4262
For more information contact: Christina Gosack 651-296-5524
NEWS COLUMN
INSURANCE PREMIUMS AND YOUR CREDIT SCORE
Over the last several years, insurance companies have been setting your premiums based on your credit score. Many people may have missed one payment on a bill to some store or loan company and their insurance premium was set right after their credit score was downgraded because of the non-payment. Under a new law, which went into effect August 1st, the insurance company is now required to re-evaluate a policyholder’s credit score upon request, and any resulting change in the premium rate would be effective upon renewal of the policy. However, insurers are only required to fulfill this request twice each year.
I am working with the Minnesota Attorney General on proposed legislation this year to prevent the use of credit scoring by insurance companies until they can establish some legitimate connection to causing accidents.
News Items
- Reminder: Primary - August 14; Some Voting Locations May Have Changed - (Posted: 2012-07-08 00:00:00)
- Passing of Dr. John Williams - (Posted: 2012-07-09 00:00:00)
- Rep. Mullery: 2012 Legislative Report - (Posted: 2012-07-10 00:00:00)
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