Credit Reporting

What are the credit reporting requirements for a loan under forbearance or other accommodation?

Section 4021 of the CARES Act amends the Fair Credit Reporting Act (FCRA) to create new Coronavirus-related reporting requirements. If a furnisher makes an accommodation with respect to one or more payments on a credit obligation or consumer account, the furnisher should continue to report the account as current if the consumer fulfills the terms of the accommodation. However, for accounts that were already delinquent before the accommodation was made, the furnisher is permitted to continue reporting the account as delinquent unless the consumer brings the account current. For more information, see CFPB’s Guidance on Credit Reporting During the COVID-19 Pandemic.