Geico fined $120,000 for Credit-Scoring Violations

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00016576-geico-fined-120000-for-credit-scoring-vio/

Geico insurance has been fined $120,000 by Washington state’s insurance commissioner for using an unapproved scoring model to evaluate prospective customers. The company has yet to be fined for those stupid Geico Gecko commercials.

According to a Reuters story, the units failed to comply with requirements, including the use of credit histories, enacted by the state legislature in 2004.

Neither Geico, nor the gecko, were available for comment.

You can read the entire story at Geico fined $120,000 for credit-scoring violations.