Governor Andrew Cuomo today signed legislation
(S.2302/A.5294) prohibiting consumer reporting agencies and lenders from
using the credit scores of people in a consumer's social network to
determine that individual's credit worthiness.
"Basing
someone's credit score on who they know is not only an invasion of
privacy, it is a way for these agencies to unfairly target and penalize
low-income New Yorkers," Governor Cuomo said. "This law will keep these
unscrupulous agencies in check, end this unfair practice once and for
all and help ensure New Yorkers receive more fair and accurate credit
ratings."
Click here for the full announcement.
Source: The Office of Governor Andrew M. Cuomo
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