Bill > A02729

This bill establishes new requirements for landlords who choose to report a tenant's rent payment information to a consumer reporting agency, which are companies that collect and sell consumer credit information, to help tenants build their credit history. Specifically, landlords must inform tenants in their lease agreement if they plan to report rent payments to these agencies, and this notice must include a warning that late or missed payments could negatively affect their credit. If a landlord reports negative information, such as missed payments, they must also notify the tenant in writing within thirty days and provide information about the tenant's rights under federal and state laws to access and dispute their credit report. Furthermore, if a landlord offers tenants the option to have their positive rent payments reported, they must obtain the tenant's written authorization, clearly stating that this is optional, which agencies will receive the information, what information will be reported, and that tenants can opt in or out, with specific rules about opting out and potential fees. Tenants who opt into positive rent reporting do not lose their rights to withhold rent for habitability issues, provided they notify their landlord beforehand.