WASHINGTON—The CFPB has issued 10 FAQs related to consumer credit reporting amid the coronavirus pandemic.
The CARES Act included a provision that directs lenders to report a credit account as current if the consumer has sought payment relief related to difficulties caused by the national emergency, amending the Fair Credit Reporting Act (FCRA).
The Bureau previously released a policy statement on this provision. The FAQs answer questions related to:
- The Bureau's policy statement on the CARES Act provision
- The CFPB's enforcement of the FCRA and amending provision
- Whether the CFPB will cite or sue furnishers for violating FCRA requirements to investigate disputes amid the pandemic
- What qualifies as an accommodation to consumers under the CARES Act provision
- If furnishers are required to provide accommodations
- A furnisher's consumer reporting obligations if an accommodation is provided
- Considerations when reporting consumers as current under the CARES Act
- How furnishers can comply with the reporting requirements under the CARES Act
- Reporting all of a furnisher's consumers' accounts or all of their consumers' accounts in a particular product line as in forbearance
- How to report the status of an account after the CARES Act accommodation ends