Prohibits reporting debt arrears due to COVID-19 hardships to consumer reporting agencies and mandates removal of such information from credit files.

New York S07167 amends the general business law to prohibit reporting debt arrears caused by COVID-19 related hardships to consumer reporting agencies. It mandates the removal of such information from an individual's credit file if they dispute it. The bill defines COVID-19 related hardships as significant loss of income, increased out-of-pocket expenses, or other circumstances negatively affecting employment or household income. The act takes effect 30 days after becoming law.

Prohibits reporting debt arrears due to COVID-19 hardships to consumer reporting agencies and mandates removal of such information from credit files.

New York S07167 amends the general business law to prohibit reporting debt arrears caused by COVID-19 related hardships to consumer reporting agencies. It mandates the removal of such information from an individual's credit file if they dispute it. The bill defines COVID-19 related hardships as significant loss of income, increased out-of-pocket expenses, or other circumstances negatively affecting employment or household income. The act takes effect 30 days after becoming law.