Governor Cuomo has signed legislation that bars credit reporting agencies from using credit scores in people’s social networks to determine their credit worthiness.
The legislation is intended to make it illegal to base your credit score on who you know. The state says that unfairly penalizes low-income New Yorkers and frequently gives the wrong results anyway.
The bill’s co-author, State Senator Brian Kavanagh, says as we live more of our lives online, we are exposed to more risks through social media accounts. He and co-author Assemblyman Marcos Crespo say this closes off one of those unintended risks.
