New Jersey A2618 prohibits landlords from performing hard credit inquiries on affordable housing applicants and requires consumer reporting agencies.

New Jersey A2618 aims to protect affordable housing applicants by prohibiting landlords from performing hard credit inquiries, which can negatively impact credit scores. Instead, landlords are allowed to perform soft credit inquiries, which are intended to have no impact on credit scores. The bill also mandates that consumer reporting agencies treat multiple hard credit inquiries for the same individual within a one-month period as a single inquiry. Landlords who violate these provisions face penalties, with escalating fines for subsequent offenses within a one-year period.

New Jersey A2618 prohibits landlords from performing hard credit inquiries on affordable housing applicants and requires consumer reporting agencies.

New Jersey A2618 aims to protect affordable housing applicants by prohibiting landlords from performing hard credit inquiries, which can negatively impact credit scores. Instead, landlords are allowed to perform soft credit inquiries, which are intended to have no impact on credit scores. The bill also mandates that consumer reporting agencies treat multiple hard credit inquiries for the same individual within a one-month period as a single inquiry. Landlords who violate these provisions face penalties, with escalating fines for subsequent offenses within a one-year period.