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Root Insurance Hopes Others Join Its Vow to End Use of Credit Scoring
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Root Insurance pledged to eliminate the use of credit scoring from its car insurance pricing model by 2025, a move the insurtech said will help remove bias and discrimination from the process.
“Eliminating credit scores is a major and necessary step toward dismantling archaic industry practices and making car insurance fairer,” Alex Timm, co-founder and CEO of Root, said in prepared remarks.