New Jersey 2024-2025 Regular Session

New Jersey Senate Bill S403

Introduced
1/9/24  

Caption

Requires consumer reporting agencies to provide a consumer with a free credit report three times during any 12-month period upon request.

Impact

The introduction of S403 is anticipated to have a significant impact on state laws concerning consumer credit. By increasing the number of free credit reports available to individuals, it reinforces consumer rights and puts pressure on credit reporting agencies to maintain accurate and timely information. This could potentially lead to improvements in the way consumer credit data is managed and reported. The bill also aligns with growing national trends towards consumer protection in financial services, reflecting a broader movement to enhance financial literacy and security for the average consumer.

Summary

Senate Bill S403 aims to enhance consumer protection by mandating that consumer reporting agencies provide consumers with free credit reports a total of three times during any 12-month period upon request. Currently, the law allows for only one free credit report in the same timeframe. This legislative change is designed to improve financial transparency for consumers, allowing them greater access to their credit information. Proponents believe this will empower consumers, enabling them to monitor their credit more effectively and take action if needed, particularly in preventing identity theft or addressing inaccuracies in their credit reports.

Contention

While the bill is generally supported, there are concerns among some stakeholders regarding the administrative burden it may place on consumer reporting agencies. Critics argue that providing multiple free reports could lead to increased operational costs for these agencies and may ultimately impact the fees they charge for other services. Additionally, there may be concerns about how this change interacts with existing protections for consumers and how effectively it will be implemented in practice.

Companion Bills

NJ S1263

Carry Over Requires consumer reporting agencies to provide a consumer with a free credit report three times during any 12-month period upon request.

Previously Filed As

NJ S1263

Requires consumer reporting agencies to provide a consumer with a free credit report three times during any 12-month period upon request.

NJ S1353

Requires consumer reporting agencies to increase protection of consumers' personal information.

NJ A2549

Requires consumer reporting agencies to increase protection of consumers' personal information.

NJ AB1742

Consumer credit reporting agencies: security freeze requests.

NJ S1305

Requires reporting agencies to report to Division of Consumer Affairs number of free consumer reports furnished to New Jersey resident consumers annually.

NJ S1757

Requires reporting agencies to report to Division of Consumer Affairs number of free consumer reports furnished to New Jersey resident consumers annually.

NJ A2254

Requires reporting agencies to report to Division of Consumer Affairs number of free consumer reports furnished to New Jersey resident consumers annually.

NJ A3536

Requires reporting agencies to report to Division of Consumer Affairs number of free consumer reports furnished to New Jersey resident consumers annually.

NJ AB1600

Consumer credit reporting agencies.

NJ AB2527

Consumer Credit Reporting Agencies Act: users of consumer credit reports: hiring a dwelling unit.

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