The CARES Act, which was signed by President Trump on March 27th, covers many of the COVID-19 impacts on the economy and consumers. The $2 trillion package is the third stimulus bill passed in response to the COVID-19 pandemic and extends credit reporting protection.
The act emends the Fair Credit Reporting Act (FCRA) to require financial institutions that report to credit bureaus to report an account as being current if the borrower has chosen to defer, modify, make partial payments or even seek forbearance. If the borrower happened to be late on payments before the COVID-19 crisis, they would still retain that status unless they brought the account prior to seeking aid due to the COVID-19 pandemic.
Maginnis Law’s consumer protection attorneys will be investigating to make sure that credit bureaus stay true to protecting consumers during this COVID-19 pandemic.
Our consumer law attorneys are committed to helping consumers who have been wronged by big corporations, banks or credit bureaus. You can reach our firm’s consumer law attorneys by phone at 919.526.0450 or through our contact page.
You can also sign up for our consumer rights mailing list to learn about the credit reporting rights you have under consumer protection law. You can also take our consumer rights survey to see if we are currently investigating a situation that might apply to you.