BILL NUMBER: S7167
SPONSOR: CLEARE
 
TITLE OF BILL:
An act to amend the general business law, in relation to prohibiting
certain debt arrears from being reported to consumer reporting agencies
 
PURPOSE OR GENERAL IDEA OF BILL:
To ensure that those with COVID-19 Related Hardships are not doubly
punished by having negative arrears information reported to Credit
Reporting Agencies.
 
SUMMARY OF SPECIFIC PROVISIONS:
Provides that those with those with COVID-19 Related arrears do not have
such negative information reported to Credit Reporting Agencies.
 
JUSTIFICATION:
The spectrum of impacts from COVID are challenging to truly quantify;
however, we know that the pandemic has had a disproportionate impact on
the most vulnerable and decisions have been made that reduced or elimi-
nated the income of working people. The resulting arrears of this
unprecedented crisis should not further hurt working people in the form
of destroying their credit score.
 
PRIOR LEGISLATIVE HISTORY:
New.
 
FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
This act shall take effect on the thirtieth day.