CO HB1127

Employers may only use consumer credit information for employment decisions if the position involves access to money, assets, trade secrets, or is a managerial, law enforcement, or legal position, and must disclose to applicants/employees when adverse action relies on credit information.

Insurers using insurance scores to underwrite and rate property and casualty insurance must file actuarial justification with the commissioner and provide consumers with specific explanations of credit factors affecting their rates or denials.

Automobile insurers must comply with the same credit information requirements as property and casualty insurers, eliminating separate underwriting rules.

Landlords may use consumer credit information only to evaluate applicants' payment history with prior landlords and must disclose when credit information is used to reject a rental application.

Consumer reporting agencies must notify consumers who are cosigners to a debt when negative information would be added to the consumer's file; bill takes effect July 1, 2011.