Washington — The use of credit scores is a vital to effectively price business, a member of the insurance industry told a Congressional committee.

“Insurers that consider credit information in their underwriting and pricing decisions do so for only one reason—insurance scoring allows them to rate and price business with a greater degree of accuracy and certainty,” said Charles Neeson, senior executive, personal lines for Westfield Center, Ohio-based Westfield Insurance, who was testifying on behalf of the Property Casualty Insurers Association.

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