SCHATZ, BROWN INTRODUCE NEW BILL TO PROTECT PEOPLE’S CREDIT SCORES, SUSPEND NEGATIVE CREDIT REPORTING DURING CORONAVIRUS OUTBREAK
Bill Provides Free Credit Reports and Scores For One Year after The Outbreak and Extends Protections for Future Major Disasters
WASHINGTON –U.S. Senators Brian Schatz (D-HI) and Sherrod Brown (D-OH), both members of the Senate Banking Committee, introduced new legislation to protect people’s credit scores during the coronavirus outbreak. As some families struggle with job losses or reduced incomes, they may fall behind in paying their bills. These late payments could hurt their credit for years and hold them back from accessing credit, taking out a mortgage, applying for a job, or renting an apartment long after the crisis is over.
“Our bill will make sure people who fall behind on their bills won’t take a hit to their credit scores,” said Senator Schatz. “Protecting credit scores now will give people a chance to rebuild their lives and our economy.”
“During these uncertain economic times, Americans shouldn’t have to worry about their credit scores as they work to make ends meet,” said Senator Brown. “This is an important fix to ensure Americans can focus on staying healthy and supporting themselves and their families, not worrying about accessing credit in the future.”
The Disaster Protection For Workers’ Credit Act will provide for an immediate four-month moratorium on all negative credit reporting and longer protections for people who face lasting financial hardship from the outbreak. The bill will also provide free, unlimited credit reports and credit scores for a year from the end of the crisis. Beyond this crisis, the bill extends these protections to people impacted by future major disasters.
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