Two Democratic senators are urging the national credit reporting agencies to help safeguard the creditworthiness of Americans hurt by the coronavirus pandemic, according to a letter obtained by Yahoo Finance.
Senators Elizabeth Warren and Brian Schatz sent a letter to Equifax, Experian, and TransUnion, inquiring about the actions they are taking to make sure Americans’ credit isn’t damaged permanently if they have trouble paying their bills on time during the crisis.
While Equifax, Experian, and TransUnion didn’t immediately respond to requests for comment from Yahoo Money, the trade group representing the companies did. The act does amend the Fair Credit Reporting Act to halt harmful credit reporting during the COVID-19 crisis under specific circumstances. If your creditor offers an accommodation on your payments because of the coronavirus, the creditor must report your account as current to the credit bureaus as long you weren’t already behind on payments.
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