What's happening
This bill requires consumer reporting agencies to provide consumers with their information at any time and at no cost.
Why it matters
Empowers consumers. by allowing them to access their credit information whenever they want, not just once a year or after certain events, making it easier to monitor for errors or identity theft.
Removes financial barriers. to monitoring personal credit by eliminating all fees for consumers requesting their own reports, encouraging more frequent and proactive engagement with their financial data.
Increases transparency and accountability. for consumer reporting agencies, as they must fully disclose not only the information in their files but also its sources and who has accessed the consumer’s report, helping consumers spot unauthorized or suspicious activity.
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Who cares
Headline styles
Free Access to Credit Reports
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to consumer protection
- Referred to rules
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Free Credit Reports Required
In Assembly Committee · Consumer Affairs And Protection · Sponsor Linda Rosenthal
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6888
2017-2018 Regular Sessions
IN SENATE
September 27, 2017
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Rules
AN ACT to amend the general business law, in relation to requiring consumer reporting agencies to provide a consumer's information to such consumer at no cost
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision (a) of section 380-d of the general business law, as added by chapter 867 of the laws of 1977, is amended to read as follows:
(a) Every consumer reporting agency shall at any time, upon request and proper identification of any consumer, and at no cost to the consumer, clearly and accurately disclose to the consumer:
(1) all information in its files at the time of the request concerning such consumer; and
(2) the sources of the information; except that the sources of information acquired solely for use in preparing an investigative consumer report and actually used for no other purpose need not be disclosed; provided, however, that in the event an action is brought under section three hundred eighty-n of this article, such sources shall be available to the plaintiff under appropriate discovery procedures in the court in which the action is brought; and
(3) the recipients of any consumer report on the consumer which it has furnished;
(i) for employment purposes within the two-year period preceding the request, and
(ii) for any other purpose within the six month period preceding the request.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13509-02-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the general business law, in relation to requiring consumer reporting agencies to provide a consumer's infor- mation to such consumer at no cost
Purpose
This bill ensures that consumers are able to access their full credit report at any time and at no cost from all consumer reporting agencies.
Summary of provisions
Section one of this bill amends section 380-d(a) of the General Business Law to provide that consumers may obtain a free credit report at any time.
Section of this bill provides that this act shall take effect immediate- ly.
Justification
As a result of the recent Equifax, Inc. security breach, as many as 143 million Americans had their personal information exposed, including names, Social Security numbers and driver's license numbers. There has been a significant increase in the number of security breaches over the past years and consumers are repeatedly at risk of identity theft. Consumers are being warned to take extra precautions and to keep an especially close eye on their accounts and credit reports to identify whether or not someone has obtained and used their personal information.
The federal Fair Credit Reporting Act was passed in 1970 and was last amended in 2003, before our world went almost entirely digital. Today, it is exponentially easier for hackers to gain access to consumer infor- mation. While federal law does provide for consumers to obtain from the three major credit bureaus a free credit report, it only allows consum- ers to access their report once every twelve months at each credit reporting company. This bill would create additional protection for New York residents by ensuring that they are able to access their credit report at any time, for free, making them better equipped to protect themselves against identity theft in today's digital age.
Prior legislative history
New Bill
Fiscal implications
None to the State.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.