New Rules for Michigan Insurers’ Use of Credit Information
A series of new laws that take effect this week regulate how Michigan insurance companies can use a person’s credit information.
The laws passed last session went into effect yesterday.
Insurers will also be required to notify a person if they raise charges or reduce coverage based on the customer’s credit information.
The use of credit scores by insurers to set rates has long been a debate in Michigan.
Then-Democratic Gov. Jennifer Granholm tried to ban the practice, but the Michigan Supreme Court upheld the practice in 2010.
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