Released: July 30, 2020
The Coronavirus will ruin your credit score
Banking interests have sought to block a measure that would temporarily ban negative items from appearing on credit reports for the duration of the pandemic.
“Consumers that lose their jobs or are economically devastated from COVID, their inability to pay bills isn’t meaningful at a time like this,” says Chi Chi Wu, an attorney at the National Consumer Law Center. “Nothing going on is a good reflection of the creditworthiness of borrowers.” But because of the seven-year term for negative credit items [on a credit report], the hit would stay with them until 2027, harming their ability to move through financial life because of something completely out of their control."
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