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Financial Services Law Insights and Observations

New York regulator issues guidance for state consumer credit reporting agencies

State Issues Covid-19 New York Consumer Credit Credit Reporting Agency NYDFS

State Issues

On June 17, the New York State Department of Financial Services issued guidance to state-regulated consumer credit reporting agencies regarding support for New York consumers impacted by Covid-19. The guidance indicates that all state-regulated consumer credit reporting agencies have agreed to take a number of steps to mitigate consumer harm, including permitting consumers at least one free credit report per month for six months, reminding furnishers of information of the appropriate manner to report accommodations reached pursuant to the CARES Act, and posting on their website a link to a page dedicated to Covid-19 information and updates.

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