Credit Scoring – What Are Your Thoughts and Concerns ... If Any?
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This year marks the 20th anniversary of Virginia’s legislation related to the insurance company use of credit scoring. It's a timely opportunity to review Virginia’s law, none the least of which, is the recent announcement that Equifax sent lenders wrong credit scores. IIAV has questioned the possibility as to whether the wrong number scores had any impact in insurance scores — which commonly have as a basis the individual credit scores.
IIAV will be meeting with regulators in the middle of September to discuss a number of issues, and encourages any IIAV members with concerns or issues related to the use of credit scores to communicate this information to IIAV at the earliest possible opportunity. Information should be sent to Bob Bradshaw, IIAV’s President & CEO at rbradshaw@iiav.com.
