A measure in Oregon that would have barred the use of creditscoring in determining insurance premium rates had a resoundingdefeat by voters on Tuesday.
Measure 42, defeated by a margin of 65 to 35 percent, would havebarred all use of credit scoring by insurers in calculatingpremiums. Of the more than 1 million votes cast, 698,613 votedagainst 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 forOregonians Against Insurance Rate Increases. “Voters here sent astrong message of support for credit-based insurance scoring…Theyunderstood that if Measure 42 passed, consumers would lose thelower rates most now enjoy because they manage personal financesresponsibly.”
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