We need fair protections for our credit during this crisis

Americans shouldn’t have to worry about emerging from the current economic crisis with their credit reports seriously damaged.

But, whether due to financial struggles brought on by the pandemic or costly mistakes in their credit reports, many are at risk of suffering long-standing damage to their credit. Congress needs to step up and ensure that we won't be paying the consequences of an economic crisis with our credit for years to come.

Tell your senators: Pass a ban on negative credit reporting to help protect consumers during the COVID-19 crisis.

Credit reports matter — they’re used by lenders to decide whether or not to offer you a loan and at what price. They’re sometimes even used by employers to decide whether or not to hire you for a job. Bad credit can seriously cost you — negative information stays on your credit report for seven years.

As the dual public health and economic crises caused by the COVID-19 pandemic rage on, American consumers are facing unprecedented financial vulnerability. If someone chooses to pay for food and other essentials instead of paying credit card bills on time, credit reporting agencies shouldn’t be allowed to penalize them for it.

We also shouldn’t pay the price for negative credit reporting caused by mistakes by credit bureaus. An analysis by U.S. PIRG and Frontier Group found that consumer complaints to the Consumer Financial Protection Bureau (CFPB) about credit reporting mistakes have seen a massive 86 percent surge in the months since the onset of the pandemic, compared to the same five-month period in 2019.

Add your name to Fair Share's call for Congress to ban negative credit reporting while Americans continue to struggle with the current economic crisis.

Record numbers of complaints to the CFPB since the beginning of the coronavirus crisis serve as a clear indicator of the huge financial challenges brought on by the pandemic. Yet neither Congress nor the CFPB have enacted strong enough policies to help struggling consumers protect their credit.

Under the Trump administration's appointees, the CFPB has not been doing its job when it comes to leveling the playing field for consumers. Rather, the agency has chosen to roll back key regulations on financial institutions and policies meant to shield consumers from predatory financial practices.

Congress, too, ultimately failed to include meaningful protections from negative credit reporting during the pandemic in the CARES Act, the federal coronavirus relief package passed in March.

But although Congress missed its first opportunity to fully protect our credit, there’s still time to give consumers the help they deserve. Tell your senators to step up for American’s financial health and support a ban on negative credit reporting during the coronavirus crisis.