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Fair Credit Reporting Act: COVID-19 leads to Senate Bill to amend the FCRA Fair Credit Reporting Act: COVID-19 leads to Senate Bill to amend the FCRA

Fair Credit Reporting Act: COVID-19 leads to Senate Bill to amend the FCRA

Senate Banking Committee ranking member Sherrod Brown (D-Ohio) and Committee member Brian Schatz (D-Hawaii) introduced S.3508 “The Disaster Protection for Workers’ Credit Act” on March 17, 2020. The text of the bill has not yet been released. But reports indicate that S.3508 would amend the Fair Credit Reporting Act (FCRA) in two principal ways. First, S.3508 would prohibit negative credit reporting for four months to protect consumer credit while their finances are immediately impacted by COVID-19 and the associated economic effects. The four-month period could be extended for consumers who suffer a more lasting financial hardship. Second, S.3508 would give consumers free, unlimited access to credit reports and credit scores for one year. It is unclear when that year would begin, although Senator Schatz’s press release indicates the year would begin at “the end of the crisis.” Link: Sen. Schatz Press Release S.3508 has been referred to the Committee for consideration. We will continue to update the status of S.3508.

This publication is intended for general information purposes only and does not and is not intended to constitute legal advice. The reader should consult with legal counsel to determine how laws or decisions discussed herein apply to the reader’s specific circumstances.
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