Prohibits consumer reporting agencies and lenders from using late cashless toll payments to determine credit worthiness.

New York A03055 amends the general business law and banking law to prohibit consumer reporting agencies and lenders from using an individual's late payment of cashless tolls as a factor in determining their credit worthiness. The bill also mandates that credit scoring formulas filed with the superintendent do not include variables for late cashless toll payments. This change aims to protect consumers by preventing toll payment history from affecting their credit scores.

Prohibits consumer reporting agencies and lenders from using late cashless toll payments to determine credit worthiness.

New York A03055 amends the general business law and banking law to prohibit consumer reporting agencies and lenders from using an individual's late payment of cashless tolls as a factor in determining their credit worthiness. The bill also mandates that credit scoring formulas filed with the superintendent do not include variables for late cashless toll payments. This change aims to protect consumers by preventing toll payment history from affecting their credit scores.