New York state and credit INQUIRIES

[elchulo]

S T A T E O F N E W Y O R K

________________________________________________________________________

1852

2003-2004 Regular Sessions

I N S E N A T E

February 12, 2003

___________

Introduced by Sen. KRUGER -- read twice and ordered printed, and when

printed to be committed to the Committee on Consumer Protection

AN ACT to amend the general business law, in relation to credit

inquiries

THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-

BLY, DO ENACT AS FOLLOWS:

1 Section 1. Section 380-j of the general business law is amended by

2 adding a new subdivision (h) to read as follows:

3 (H) NO CONSUMER REPORTING AGENCY SHALL MAINTAIN IN THE FILE ON A

4 CONSUMER, ANY RECORDS DETAILING INQUIRIES, MADE BY A CREDITOR OR ANY

5 OTHER INDIVIDUAL AFFORDED ACCESS TO CONSUMER CREDIT REPORTS, FOR A PERI-

6 OD OF MORE THAN NINETY DAYS BEYOND THE DATE OF SUCH INQUIRY.

7 S 2. This act shall take effect on the thirtieth day after it shall

8 have become a law.

EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

{ } is old law to be omitted.

LBD08881-01-3

.SO DOC S 1852 *END* BTXT

What does that mean? That credit S T A T E O F N E W Y O R K

________________________________________________________________________

1852

2003-2004 Regular Sessions

I N S E N A T E

February 12, 2003

___________

Introduced by Sen. KRUGER -- read twice and ordered printed, and when

printed to be committed to the Committee on Consumer Protection

AN ACT to amend the general business law, in relation to credit

inquiries

THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-

BLY, DO ENACT AS FOLLOWS:

1 Section 1. Section 380-j of the general business law is amended by

2 adding a new subdivision (h) to read as follows:

3 (H) NO CONSUMER REPORTING AGENCY SHALL MAINTAIN IN THE FILE ON A

4 CONSUMER, ANY RECORDS DETAILING INQUIRIES, MADE BY A CREDITOR OR ANY

5 OTHER INDIVIDUAL AFFORDED ACCESS TO CONSUMER CREDIT REPORTS, FOR A PERI-

6 OD OF MORE THAN NINETY DAYS BEYOND THE DATE OF SUCH INQUIRY. 7 S 2. This act shall take effect on the thirtieth day after it shall

8 have become a law.

EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

{ } is old law to be omitted.

LBD08881-01-3

.SO DOC S 1852 *END* BTXT

What does this mean? that credit inquiries can only stay on your credit report for 90 days.

[thefall]

Sounds like it. As it is credit inq's, other than for employment purposes, are only supposed to show for a year. The cra's say otherwise and I don't know why we don't raise hell over "their " 2 year reporting rule.

Intially, I think it was a benefit for consumers to see who was making inq's on our reports. But because of the FICO scam system, and inq's costing us points, we want them off ASAP.

[thefall]

Sounds like it. As it is credit inq's, other than for employment purposes, are only supposed to show for a year. The cra's say otherwise and I don't know why we don't raise hell over "their " 2 year reporting rule.

Intially, I think it was a benefit for consumers to see who was making inq's on our reports. But because of the FICO scam system, and inq's costing us points, we want them off ASAP.

[thefall]

Sounds like it. As it is credit inq's, other than for employment purposes, are only supposed to show for a year. The cra's say otherwise and I don't know why we don't raise hell over "their " 2 year reporting rule.

Intially, I think it was a benefit for consumers to see who was making inq's on our reports. But because of the FICO scam system, and inq's costing us points, we want them off ASAP.

[IrishEyes]

So had this been put into law yet? Can we ( NYers) get all our inquiries off that easily? How, just dipute and site this new law?

Whahooo!