Credit Reporting and COVID: What did the CARES Act change? [More with McGlinchey Ep. 5]

McGlinchey Stafford
Contact
Under the CARES Act, borrowers must be affected by COVID-19 and receive an “accommodation” for their creditors to be subject to new FCRA reporting obligations. However, the CARES Act does not explain how the consumer needs to have been affected, nor is it expressly limited to accommodations provided because of the impact of COVID-19. Therefore, creditors must be careful when determining not only how to report accommodations (such as forbearances) consistent with new credit reporting obligations, but also what can be discussed with See more +
Under the CARES Act, borrowers must be affected by COVID-19 and receive an “accommodation” for their creditors to be subject to new FCRA reporting obligations. However, the CARES Act does not explain how the consumer needs to have been affected, nor is it expressly limited to accommodations provided because of the impact of COVID-19. Therefore, creditors must be careful when determining not only how to report accommodations (such as forbearances) consistent with new credit reporting obligations, but also what can be discussed with borrowers regarding the credit impact of these accommodations. McGlinchey attorneys Gregg Stevens (Dallas) and Joseph Apatov (Ft. Lauderdale) discuss in the fifth episode of the "More with McGlinchey" podcast. See less -
Embed
Copy

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© McGlinchey Stafford | Attorney Advertising

Written by:

McGlinchey Stafford
Contact
more
less

McGlinchey Stafford on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.