We sincerely hope not. That number has been thrown out by a number of different insurance carriers as a worst case scenario, presumably for their clients with the highest credit scores. To put it another way, at least a couple companies give up to 80% discounts for the high credit scores which means for those clients, rates would increase by 80% once their credit score discount is removed from their policy. With that said, very few clients are getting maximum credit score discounts or maximum credit score surcharges. All clients in Washington state will be impacted in some way by this credit score ban but that impact could vary from a significant reduction in rates, basically no change at all, or a significant increase in rates. The better your credit score, the greater the potential impact, the lower your credit score the greater the potential benefit. Unfortunately, we won’t know how our clients’ rates will be directly impacted until their insurance renewal is processed post 6/20/21.
