New York S10477 mandates landlords to inform tenants about the option to report their rental payments to credit agencies to improve credit scores.

New York S10477 amends the real property law to require landlords to notify tenants about the option to report their rental payments to consumer reporting agencies. This notification must occur at the time of lease agreement and annually thereafter. The notice must detail the option, the agencies involved, the information reported, and tenant rights under the Fair Credit Reporting Act. Tenants can opt in or out of this reporting at any time, but if they opt out, they cannot re-opt in for six months.

New York S10477 mandates landlords to inform tenants about the option to report their rental payments to credit agencies to improve credit scores.

New York S10477 amends the real property law to require landlords to notify tenants about the option to report their rental payments to consumer reporting agencies. This notification must occur at the time of lease agreement and annually thereafter. The notice must detail the option, the agencies involved, the information reported, and tenant rights under the Fair Credit Reporting Act. Tenants can opt in or out of this reporting at any time, but if they opt out, they cannot re-opt in for six months.