Democrats Want to Prevent Coronavirus Credit Report Harm

Democrats Want to Prevent Coronavirus Credit Report Harm

March 19, 2020, Bloomberg

David Stein spoke with Bloomberg about legislation from Senate Democrats to shield U.S. citizens from negative credit reporting for the duration of the new coronavirus crisis. Three senators are looking to throw out a rule where credit bureaus are required under the Fair Credit Reporting Act to collect negative information. Mr. Stein  says, “To the extent that there would be some sort of moratorium, it has to be statutory. Even privacy advocates are not making too much of a fuss about this … the risks go away when the data is aggregated”