WASHINGTON–A hearing scheduled for today to discuss the Federal Trade Commission's findings on use of credit scores in setting insurance rates has been unexpectedly delayed.
FTC said in a report that credit scoring is an “effective predictor” of risk for rating auto insurance customers. The study's findings have been criticized by two commission members as flawed and the methodology has been attacked by consumer groups.
Rep. Mel Watt, D-N.C., chairman of the Subcommittee on Oversight and Investigations, which scheduled the hearing, said this morning it would be rescheduled for a later date.
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