CFPB Cons Rpt FAQ - 9 Is a furnisher permitted to report all of their consumers’ accounts or all of their consumers’ accounts in a particular product line (e.g., all auto loans) as in forbearance?

Compliance > CARES Act
Q:   Is a furnisher permitted to report all of their consumers’ accounts or all of their consumers’ accounts in a particular product line (e.g., all auto loans) as in forbearance?
 
A:  To ensure compliance with their obligations related to the accuracy and integrity of the information they furnish under the FCRA and Regulation V, furnishers should not report that consumers’ accounts are in forbearance if the accounts have not been placed into forbearance. The Bureau generally supports furnishers’ voluntary efforts to provide payment relief to consumers but cautions that reporting forbearances on accounts for which consumers have neither requested a forbearance nor are delinquent increases the risks of inaccurate reporting and consumer confusion.  
 
 
This Q&A was contained in the CFPB’s Compliance Aid, “Consumer Reporting FAQs Related to the CARES Act and COVID-19 Pandemic” updated June 16, 2020.  The Compliance Aid may be found here:  https://files.consumerfinance.gov/f/documents/cfpb_fcra_consumer-reporting-faqs-covid-19_2020-06.pdf
 

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