A measure in Oregon that would have barred the use of credit scoring in determining insurance premium rates had a resounding defeat by voters on Tuesday.
Measure 42, defeated by a margin of 65 to 35 percent, would have barred all use of credit scoring by insurers in calculating premiums. Of the more than 1 million votes cast, 698,613 voted against it, while 373,135 supported it.
“[This] is a victory for Oregon consumers and, quite possibly, for consumers across the nation,” said Pat McCormick, spokesman for Oregonians Against Insurance Rate Increases. “Voters here sent a strong message of support for credit-based insurance scoring…They understood that if Measure 42 passed, consumers would lose the lower rates most now enjoy because they manage personal finances responsibly.”
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