Environment and Energy, Features, Finance, Health and Safety, Law and Politics, Municipal Government, New York

Credit Bureaus Need to Protect Consumers from Negative Impacts on Credit Scores due to COVID-19

March 20, 2020

By NYC Comptroller Scott M. Stringer

“COVID-19 has upended the lives and finances of consumers across the nation, and especially in New York City which is already experiencing enormous economic fallout. I am calling on all major credit bureaus – FICO, TransUnion, Experian, and Equifax – to take immediate action to protect consumer credit scores from any negative impact on their credit score due to economic conditions created by the coronavirus. 

“Choosing to defer a payment on a credit card because you lost your income and need to put food on the table is not an indicator of creditworthiness and no one should see their credit score take a hit because they are struggling to put together payments for car loans, credit card bills, and mortgage payments amidst an unprecedented economic crisis. 
 

“I urge the federal government to pass crucial legislation that would shield credit scores across the board but in the meantime, I urge credit bureaus to do the right thing by placing an immediate moratorium on all negative credit reporting.” ​

March 20, 2020

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