European Commission (2)

Topics and Issues

COVID-19 (26)

Deeper in the pandemic, in July 2020, the European Commission largely adopted the 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”.