Additional consumer protections in New York in credit reporting cases
The regulations, adopted on an emergency basis and effective immediately, require consumer credit reporting agencies to respond within 10 days to requests made by the Department of State's Division of Consumer Protection on behalf of consumers.
"Consumer credit reporting agencies have a duty to deal fairly and honestly with all consumers, and here in New York, we will ensure the best protections are available to any victim of deceit," Governor Cuomo said.
"The current status quo of allowing consumers to be penalized for having their data breached is unacceptable, and with the addition of these new protections, this administration will hold agencies accountable and help protect New Yorkers and their financial future."
The new regulations to protect consumers:
- Require consumer credit reporting agencies to identify dedicated points of contact for the Division of Consumer Protection so the Division can obtain vital information necessary to assist New York consumers;
- Require a timely response—within 10 days—by consumer credit reporting agencies to information requests made on behalf of consumers by the Division of Consumer Protection;
- Require consumer credit reporting agencies to file with the Division of Consumer Protection, and to plainly disclose to consumers all fees associated with the purchase or use of products and services marketed as identity theft protection products, including when those products are originally offered for "free"; and
- Require consumer credit reporting agencies to file with the Division of Consumer Protection a list and description of all business affiliations and contractual relationships they have with companies marketing credit monitoring and related products. ■