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| Topics and Issues | COVID-19 (41) Data Suppression (19) |
Deeper in the pandemic, in July 2020, the European Commission largely adopted U.S. policies on how financial institutions and credit bureaus should treat consumers in financial peril as a result of the COVID-19 pandemic. The Commission encouraged full reporting and against credit data suppression. The Commission stated that “[b]anks, non-bank lenders and credit [bureaus] are encouraged to process the information related to the granting of the moratoria in a way that it does not negatively impact credit files nor has an automatic impact on the credit rating (or equivalent measure of risk) of consumers”. Best Practices in Relation to Relief Measures Offered to Consumers and Businesses in the Context of the COVID-19 Crisis, European Comm., July 14, 2020.