The Property Casualty Insurers Association of America plans to fight House legislation to eliminate credit scoring as an underwriting criterion, by arguing that the measure would mean higher insurance premiums for the elderly.

PCI's rationale is contained in a working paper obtained by National Underwriter. It is based on a study of credit scoring issued by the Federal Reserve Board last August. PCI's lobbyists plan to use the study to persuade legislators to oppose the bill.

The measure sponsored by Rep. Luis Gutierrez, D-Ill., is known as the Non-Discriminatory Use of Consumer Reports and Consumer Information Act of 2008 (HR 5633). It is being co-sponsored by House Financial Services Committee Chairman Barney Frank, D-Mass., and Rep. Mel Watt., D-N.C., who chairs the Financial Services Subcommittee on Oversight and Investigations.

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