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Warning: Even in pandemic, creditors can report delinquent accounts
Creditors are reporting delinquent accounts in the Coroanvirus crisis
Despite what you may have heard before a $2 trillion federal stimulus package was signed to tackle the consequences of the COVID-19 pandemic, no part of the law blocks banks and lenders from telling the credit bureaus when you fall behind on payments or your account goes into collections.
Of course, your creditor has the option to be kind in the midst of this crisis and safeguard your credit score for the time being — but it’s not a requirement.
A proposed four-month moratorium on missed payments or other credit issues reaching your credit report was pulled from the stimulus act before it was signed by President Donald Trump in late March. Financial lobbyists and others convinced lawmakers that the move would lead to an incomplete credit profile for consumers that could lead to complications later on.
Read More here: Even in pandemic, creditors can report delinquent accounts
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