COVID-19 Credit Reporting Summary
On March 27, the President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which provides critical emergency assistance to consumers and businesses affected by COVID-19. Part of the CARES Act amended the Fair Credit Reporting Act (FCRA) regarding reporting credit information during the COVID-19 pandemic. In response to this, the Consumer Financial Protection Bureau (CFPB) issued a Statement to clarify its supervisory and enforcement policies in light of the CARES Act changes. Finally, this summary also discusses the Consumer Data Industry Association’s (CDIA) reporting guidelines in the context of the pandemic.
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