Ohio Insurance customers should know credit scoring

Department of Insurance Director Mary Jo Hudson encourages Ohio consumers to know their rights when it comes to insurance credit scoring.

The Department released a tip sheet, available at http://www.ohioinsurance.gov/Newsroom/Tips/Auto/CreditScore.htm, to educate Ohio consumers about the use of credit information as a factor in setting certain insurance rates, such as auto and homeowners, in Ohio.

“It is essential that Ohio insurance consumers know their rights when it comes to how insurers using credit information to determine insurance rates,” said Hudson. “Consumers need to know appropriate uses of credit information and how their rates are affected by this practice if their insurer uses credit scoring to determine rates.”

Each insurer that uses credit scores develops its own credit scoring model. Consumers should check their policies to see if their insurer uses this practice and can request that the insurer re-check the consumer’s credit score annually.

Additionally, consumers can ask the insurer to re-rate their policy when an error in the consumer’s credit report is corrected.

Ohio insurance consumers with questions and concerns about their insurance can call the department’s consumer hotline at 1-800-686-1526.