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Coalition letter urging New York financial regulator to ban insurers from using credit information to charge higher rates for auto coverage

A coalition of consumer, economic justice, and community groups today called on the New York Department of Financial Services to prohibit auto insurers from using consumer credit information to determine how much drivers pay for coverage. The coalition urged the Department to take action shortly after new research by the Consumer Federation of America showed how good drivers in New York with fair or poor credit can be charged hundreds or even thousands of dollars more annually for insurance.

Low income, Black, and Latino drivers are disproportionately harmed by the controversial industry practice.  Last year, the Department ordered insurers to submit data to justify the use of credit information for pricing insurance as part of an investigation into the issue and is expected to issue a report on the matter soon.