FACT SHEET: Helping Consumers Avoid Credit Problems if Impacted by Coronavirus (COVID-19)
The Consumer Data Industry Association (CDIA) has issued the following fact sheet to provide information on the systems in place to minimize or eliminate the negative credit impact of extreme events like a natural disaster or pandemic. To access the fact sheet click here.
Metro 2® Webinar Replay (March 19, 2020):
Credit Reporting for Consumers Affected by Natural or Declared Disasters
The Consumer Data Industry Association hosted this live complimentary webinar to remind Data Furnishers there are long-standing processes and guidelines to minimize the impact of disasters and other singular situations on consumers’ credit standing. This guidance is available in the current situation to assist consumers who are impacted—directly or indirectly—by the COVID-19.
CDIA Webinar Replay (April 2, 2020):
The CARES Act: Modifications to Data Furnishers’ FCRA Obligations
On April 2, 2020, CDIA and the credit bureaus released additional information to assist furnishers with reporting in accordance with the Coronavirus Aid, Relief, and Economic Security Act(CARES Act). CDIA hosted a second webinar for data furnishers that clarifies data reporting under the CARES Act. This webinar was held on April 2, 2020 and is available from CDIA’s website.
CDIA PRESS RELEASE: Support Available During Coronavirus Response
The Consumer Data Industry Association, on behalf of its member companies, announced today that there is long-standing policy to assist consumers who are impacted by the current coronavirus public health situation. To read the full press release click here.
IMPORTANT METRO 2® ANNOUNCEMENT: Reporting Accounts for Consumers Affected by Natural & Declared Disasters, and for other financial hardships
The Consumer Data Industry Association (CDIA) is sending this notice to remind lenders and creditors (“data furnishers” or “furnishers”) how they can work with their individual customers to address financial problems that those consumers may be experiencing as a result of natural or declared disasters, or for other reasons. This Metro 2® announcement is a reminder to all data furnishers that there is specific guidance available for furnishers who report information about consumers where (1) consumers’ accounts are affected by natural and declared disasters (FAQ 58), or (2) consumers’ accounts placed in forbearance as a result of a natural or declared disaster, or for other reasons (FAQ 45). Please review this announcement and guidance closely. For additional questions about data reporting in the Metro 2® Format, please contact CDIA and the Metro 2® Task Force at email@example.com; or contact your consumer reporting agency representatives directly.
To view the entire Metro 2® announcement, please click here.
CFPB Policy Statement outlines the responsibility of credit reporting companies and furnishers during the COVID-19 pandemic. In response to the pandemic, many lenders are being flexible when it comes to consumers’ making payments. The Bureau’s statement underscores that consumers benefit if lenders report accurate information about these arrangements to credit bureaus so that the credit reports of consumers are accurate. (April 1, 2020).
Financial Institution Letter, FIL-22-2020 (March 22, 2020)
On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act delivered an important win for consumers seeking help to protect their credit during and following the pandemic and created a national resolution to a national crisis. Section 4021 of the CARES Act amends the federal Fair Credit Reporting Act (FCRA) so that furnishers of information to credit reporting agencies who agree to account forbearance, or agree to modified payments with respect to an obligation or account of a consumer that has been impacted by COVID-19, report such obligation or account as “current” or as the status reported prior to the accommodation during the period of accommodation unless the consumer becomes current. This applies only to accounts for which the consumer has fulfilled requirements pursuant to the forbearance or modified payment agreement. Such credit protection is available beginning January 31, 2020 and ends at the later of 120 days after enactment or 120 days after the date the national emergency declaration related to the coronavirus is terminated.