Washington state limits how insurers can use these scores, and Commissioner Kreidler has repeatedly pushed for legislation to ban their use completely.
In Washington, insurers cannot hold the following things against you:
- The number of credit inquiries
- Collection accounts identified as medical bills
- A loan if it's the initial purchase or finance of a vehicle or home.
What goes into an insurance score? Here's the breakdown of a score from FICO, one of the biggest companies generating these scores for insurers:
• Payment History (40%) – How well you have made payments on your outstanding debt in the past
You can check your credit reports from the three nationwide consumer credit reporting companies annually at http://www.annualcreditreport.com/. If you find errors, contact the credit reporting company to have them corrected.