New York’s new rules on credit reporting agencies will do these 4 things:
- Require consumer credit-reporting agencies to identify “dedicated points of contact” for New York’s Division of Consumer Protection
- WHY? Ensure consumers can promptly get answers
- Mandate that credit-reporting agencies respond “within 10 days” to any requests for information made on behalf of consumers by the Division of Consumer Protection
- Credit reporting agencies must “plainly disclose” to consumers all fees associated with any identity theft protection product sold or purchased, “including when those products are originally offered for ‘free’
- Require the credit-reporting agencies disclose to New York’s Division of Consumer Protection all business relationships and contracts with companies involved in marketing credit monitoring services and related products.
The tagline from state leaders: consumers should not be penalized for having their data breached
Boston 25 News | Citing Equifax data breach, one state cracks down on credit-reporting agencies