OLYMPIA, Wash. — An emergency rule issued by Washington state Insurance Commissioner Mike Kreidler temporarily bans credit scoring.
The rule prohibits insurers from using credit scores to set rates for personal property for three years after the current coronavirus pandemic is declared over.
The rule comes after a bill that would have permanently banned the practice stalled in the Legislature after being amended.
Kreidler said his rule was necessary since current temporary federal protections that placed a temporary hold on the reporting of certain negative credit information will end 120 days after the president declares an end to the coronavirus pandemic national emergency.