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Sandy NY Credit Reports Letter

Sandy NY Credit Reports Letter

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Published by Celeste Katz
At Governor Cuomo’s direction, Superintendent of Financial Services Benjamin M. Lawsky today sent letters to FICO, TransUnion, Experian, Equifax, and the Consumer Data Industry Association (CDIA) requesting that they promptly move to protect Sandy victims and that senior executives from those organizations meet at the New York State Department of Financial Services (DFS) as soon as possible to resolve this issue.
At Governor Cuomo’s direction, Superintendent of Financial Services Benjamin M. Lawsky today sent letters to FICO, TransUnion, Experian, Equifax, and the Consumer Data Industry Association (CDIA) requesting that they promptly move to protect Sandy victims and that senior executives from those organizations meet at the New York State Department of Financial Services (DFS) as soon as possible to resolve this issue.

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Published by: Celeste Katz on Apr 25, 2013
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04/25/2013

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(
212) 709-3500
|
1 STATE STREET, NEW YORK, NY 10004-1511
|
WWW.DFS.NY.GOV
 
Benjamin M. LawskySuperintendentAndrew M. CuomoGovernor
 TO: Credit Scoring and Reporting AgenciesFROM: Benjamin M. LawskySuperintendent of Financial ServicesNew York State Department of Financial ServicesDATE: April 25, 2013RE: Protecting Sandy Victims from Unfair Black Marks on Their Credit Scores ______________________________________________________________________________ 
Superstorm Sandy had a devastating impact on thousands of families in New York and across theNortheast. Residents were forced to secure temporary housing when their homes becameuninhabitable; costly home repairs created unexpected and unbudgeted expenses; and manybusinesses closed temporarily or permanently, leaving their owners and employees facingsignificant losses of income. To help struggling New Yorkers recover, Governor Cuomo and theDepartment of Financial Services have been working with these families and their financialinstitutions in a number of ways, including expediting insurance claims processing, easingrestrictions on banks’ disbursement of insurance proceeds to homeowners, and facilitatingmortgage relief for struggling homeowners. These measures were taken to help ensure that noone faces foreclosure, bankruptcy, or other financial devastation simply because of Sandy’scalamitous consequences.I am writing you today regarding a very serious consumer credit issue for people whose liveswere upended by Superstorm Sandy. The Cuomo Administration is concerned that Sandy victimswho encountered financial difficulties due to the storm may face unfair black marks on theircredit histories through no fault of their own. The financial challenges that many New Yorkers have faced due to Sandy could negativelyimpact their credit scores – for reasons that are unrelated to their creditworthiness. For example,many homeowners missed mortgages payments due to Sandy or were forced to seek forbearanceof their mortgage payments in the face of mounting recovery-related expenses. Many othercitizens were unable to make timely rent payments when their homes became uninhabitable andthey were forced to pay for alternative housing. Homeowners and business owners also foundthemselves taking out loans for equipment essential to the rebuilding of their homes andbusinesses.No Sandy victim should face a black mark on their credit history simply because they caught abad break from Mother Nature and got caught in the path of this destructive storm. As any familyor business owner knows, an unfair black mark on a person’s credit history can have serious,long-term financial consequences. It can mean higher costs for a mortgage, a car loan, or a smallbusiness loan for many years in the future – pinching the budgets of Sandy victims who arealready struggling to rebuild and recover. Even worse, some Sandy victims could get shut out of 

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