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#289784 - 12/16/04 02:25 PM NY Fair Credit Reporting Act Notice
upstateNY Offline
Platinum Poster
Joined: Apr 2003
Posts: 933
New York State
Is anyone familiar with a NYS requirement under NY Fair Credit Reporting Act to include the following language on a consumer loan application:
"I/We understand that lender or its agents may request a credit report in connection with this application and with any updates, renewals or extension of the credit requested in the applicaiton. On request, I/We will be informed whether or not a credit report was requested,and if applicable, the name and address of the credit reporitng agency that furnished the report."
And if so, is it still required?

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#289785 - 02/02/05 08:40 PM Re: NY Fair Credit Reporting Act Notice
Jim Offline
100 Club
Joined: May 2004
Posts: 127
New York State
As you may be aware, it is a NYS Banking Regulation adopted a couple of years ago. It has caused us some paine because we are a NYS Chartered Bank and cannot use generic applications. If you need anything else let me know.

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#289786 - 02/15/05 08:02 PM Re: NY Fair Credit Reporting Act Notice
Anonymous
Unregistered

Does anyone know the citation to New York's Credit Reporting Act? I can't find it through google.

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#289787 - 02/15/05 09:45 PM Re: NY Fair Credit Reporting Act Notice
PatrickG Offline
100 Club
PatrickG
Joined: Jun 2001
Posts: 165
Binghamton, NY, USA
It's part of the General Business Law-Article 25
found here: http://assembly.state.ny.us/leg/?cl=44&a=54

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#289788 - 11/10/05 04:16 PM Re: NY Fair Credit Reporting Act Notice
Anonymous
Unregistered

Does anyone know the time period concerning the removal of judgments, charge-offs and liens, in NY State, as opposed to the federal FCRA? It's supposed to be 5 not 7, but cannot find the ruling.

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#640544 - 11/21/06 04:05 PM Re: NY Fair Credit Reporting Act Notice Anonymous
Irish1 Offline
100 Club
Joined: Sep 2005
Posts: 150
I read ARticle 25 of the NYS General Business Law and I could not find where this verbiage is required. Can anyone direct me to where it is exactly located? Is this just required on consumer loans?

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#640952 - 11/21/06 09:53 PM Re: NY Fair Credit Reporting Act Notice Irish1
PatrickG Offline
100 Club
PatrickG
Joined: Jun 2001
Posts: 165
Binghamton, NY, USA
General Business Law Article 25 Section 380-b(b):

No person shall request a consumer report, other than an
investigative consumer report, in connection with an application made
after the effective date of this article, for credit, employment,
insurance, or rental or lease of residences, unless the applicant is
first informed in writing or in the same manner in which the application
is made that (i) a consumer report may be requested in connection with
such application, and (ii) the applicant upon request will be informed
whether or not a consumer report was requested, and if such report was
requested, informed of the name and address of the consumer reporting
agency that furnished the report.
(c) Where the notice provided pursuant to subdivision (b) of this
section further indicates that subsequent consumer reports, other than
investigative consumer reports, may be requested or utilized in
connection with an update, renewal, or extension of the credit,
employment, insurance, or rental or lease of residences for which
application was made, no additional notice to the consumer shall be
required at the time such subsequent report is requested.

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#642425 - 11/27/06 05:17 PM Re: NY Fair Credit Reporting Act Notice PatrickG
Irish1 Offline
100 Club
Joined: Sep 2005
Posts: 150
Thanks PatrickG. I must have missed it!!!

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#642575 - 11/27/06 07:54 PM Re: NY Fair Credit Reporting Act Notice Irish1
PatrickG Offline
100 Club
PatrickG
Joined: Jun 2001
Posts: 165
Binghamton, NY, USA
It's missable! And congrats on making it to the 100 Club!

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