Prohibits consumer reporting agencies from making reports containing adverse information related to persons affected by coronavirus disease 2019 pandemic.
Impact
If enacted, A1873 would amend the New Jersey Fair Credit Reporting Act by prohibiting consumer reporting agencies from reporting adverse information for a period beginning with the public health emergency declared by the Governor in March 2020 and extending 90 days after the state emergency concludes. Affected individuals must provide proof of their financial hardship to request this consideration, thereby enabling them to potentially maintain or improve their credit scores during a tumultuous economic period. The bill also prohibits agencies from charging fees for such requests, further easing financial pressures on consumers.
Summary
Assembly Bill A1873 is a legislative proposal from New Jersey aimed at alleviating the burdens faced by residents during the COVID-19 pandemic. The bill particularly focuses on protecting individuals who have been financially impacted by the pandemic by preventing consumer reporting agencies from including any adverse information linked to the pandemic in consumer reports. This measure is significant as it addresses a growing concern that negative reporting stemming from pandemic-related hardships could hinder individuals' financial stability and creditworthiness.
Contention
One area of contention surrounding A1873 likely involves concerns over the balance between consumer protection and the integrity of credit reporting systems. Supporters argue that this bill is a necessary intervention to protect vulnerable populations during unprecedented times, ensuring that their financial futures are not irrevocably damaged due to the pandemic. However, critics may argue about the implications of delaying the reporting of adverse information, which could complicate the operational procedures for credit reporting agencies and the accuracy of consumer credit histories in the long run.
Provides mortgage payment relief, income tax relief, consumer reporting protection, and eviction protection for residential property owners, tenants, and other consumers, economically impacted during time of coronavirus disease 2019 pandemic.
Provides mortgage payment relief, income tax relief, consumer reporting protection, and eviction protection for residential property owners, tenants, and other consumers, economically impacted during time of coronavirus disease 2019 pandemic.