Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to minimize the impact of the COVID-19 pandemic. The CARES Act places important requirements on companies that furnish information to consumer reporting agencies about consumers affected by the COVID-19 pandemic.
The Bureau previously issued a statement
informing lenders they must comply with the credit reporting requirements of the CARES Act. Today, the Bureau released FAQs
that will help ensure that consumers receive the credit reporting protections required by the CARES Act.
The FAQs address the credit reporting requirements of the CARES Act, including considerations for furnishers when reporting consumers as current as required by the CARES Act. The FAQs also clarify that reporting that a consumer is affected by a natural or declared disaster is not a substitute for complying with the CARES Act credit reporting requirements. In addition, the FAQs address the Bureau’s guidance that provides temporary and targeted flexibility in the event CRAs or the furnisher experience challenges as a result of the pandemic in investigating consumer disputes. All CRAs and furnishers remain responsible for conducting reasonable investigations of consumer disputes in a timely fashion. The Bureau’s statement makes clear that the Bureau expects CRAs and furnishers to make good faith efforts to investigate disputes as quickly as possible.
The CFPB offers additional resources to help industry comply with credit reporting requirements. The CFPB is also providing consumers with up-to-date information and resources to protect and manage their finances during this difficult time. Additionally, the CFPB offers financial education tools and information for consumers.
Join the conversation. Follow CFPB on X (formerly Twitter)