CFPB Cons Rpt FAQ - 10 What must furnishers do in reporting the status of an account after a CARES Act accommodation ends?

Compliance > CARES Act
Q:   What must furnishers do in reporting the status of an account after a CARES Act accommodation ends?
 
A:  The consumer reporting protections of the CARES Act continue to apply to the time period that was covered by the accommodation after the accommodation ends. Assuming payments were not required or the consumer met any payment requirements of the accommodation, a furnisher cannot report a consumer that was reported as current pursuant to the CARES Act as delinquent based on the time period covered by the accommodation after the accommodation ends. A furnisher also cannot advance the delinquency of a consumer that was maintained pursuant to the CARES Act based on the time period covered by the accommodation after the accommodation ends.
 
 
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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