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No extra credit for safe drivers

Your credit score affects a whole lot. From the cards in your wallet and what apartments you can rent… to your car insurance premium? Yep. Auto insurers have used credit scores to determine risk and set rates for years, but regulators in Washington State are now fighting that practice with a temporary ban they hope will become permanent. And they aren’t alone. Recent reports show not only does this practice unfairly punish safe drivers with low credit scores, but it also targets low-income neighborhoods and supports systemic racism. In fact, low credit can raise your rates more than a speeding ticket, an accident, or even a DUI. While critics fear ending the practice could lead to higher rates for those with good credit, supporters of the ban insist your driving habits should matter more than your spending habits. After all, your credit score can’t help you parallel park.