Maryland Insurance Administration issued the following announcement on Jan. 16.
In Maryland, some insurers use your credit history to determine the amount of premium to charge you.
In Maryland, some auto insurers review an individual’s credit history when determining their premium, but not all. Under State law, your credit history may be used under specific guidelines. For instance, bankruptcies, late payments and the number of credit cards you have may result in a higher premium. Insurers must follow other specific guidelines when using a consumer’s credit history to underwrite or rate an auto insurance policy.
Find out more at: https://tinyurl.com/yc8rovyq.
Original source can be found here.
Source: Maryland Insurance Administration
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