Coronavirus: Lawmakers want to freeze negative credit reporting
SAN FRANCISCO (KGO) -- Consumer advocates and lawmakers are calling for bold action to help consumers get through this pandemic with their credit intact.
The Consumer Federation of America and Senators Sherrod Brown of Ohio and Brian Schatz of Hawaii are calling for credit reporting agencies to place a moratorium on negative credit entries.
"People have to remember that your credit score is incredibly important in many different aspects of your life, from how much you pay for a cell phone, to getting credit, to your mortgage costs, and so forth. And that's why, during this COVID time, you have to protect your credit score like there's no tomorrow," says Jack Gillis of Consumer Federation of America.
Lenders of course are opposed to this; they're concerned that bad actors will take advantage of the temporary ban.
According to consumer advocates, it is extremely important for consumers to call all of their creditors and tell them what's going on in their lives. See which bills they can pay this month, which ones they can do next month. Get the creditors to agree to it, and then write it down in case later you have to go to court and argue about it.
Take a look at more stories and videos by Michael Finney and 7 On Your Side.
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