The Subcommittee on Oversight and Investigations will hold a hearing entitled " Credit-Based Insurance Scores: Are They Fair?"

Press Release

The Subcommittee on Oversight and Investigations will hold a hearing entitled " Credit-Based Insurance Scores: Are They Fair?"

U.S. Representative Melvin L. Watt (D-NC), Chairman of the Subcommittee on Oversight and Investigations, today announced a hearing to consider the implications of the growing use of credit-based insurance scores for consumers. Specifically, the hearing will review a Federal Trade Commission (FTC) report to Congress entitled, "Credit-Based Insurance Scores: Impacts on Consumers of Automobile Insurance" and examine its key findings. The hearing will also study the efforts underway by the States to regulate the use of credit-based insurance scores.

"The FTC report raises serious concerns about the impact of the growing use of credit-based insurance scores that demonstrate a proxy effect for minorities. I have, therefore, quickly scheduled a hearing this week to review the report, including discussion of the limitations of the research methodology that was used for the report," said Congressman Watt.

"The FTC report confirms some of our initial concerns about the fairness of credit-based insurance scoring when it comes to Latinos and African-Americans. But I am pleased that Oversight Subcommittee Chairman Watt will hold a hearing on the issue and look forward to learning more details about the study," said Congressman Luis Gutierrez (D-IL).

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