How will Credit Reporting Agencies handle Covid-related late payments?

[superpatriotman]

Working-class and middle-class people are going to run short of money and/or miss payments if they can't work.

I've heard nothing from the big banks, credit card companies or credit reporting agencies.

Will there be a universal 'mulligan' for 30-60 days for consumers who miss car payments or credit card payments?

Is Congress prepared to address this?

[jimfields33]

1. Congress is always last minute and in the heat of the problem

But no. They won’t get involved. They never did with the millions who foreclosed during the housing crisis.

[Shell_Seas]

2. This is America. Crony capitalism is King.

I doubt they will do this.

[Windy City Charlie]

3. They'll try to say all the right things

But when action comes to shove, they'll do nothing. They may let you miss a payment, but you'll pay for it later.

[Hoyt]

4. Probably lenders will either be Aholes or make an adjustment. Fortunately, they want to sell stuff,

rent apartments, etc. If millions have a blip in payment history, they'll have to make adjustments. If it's a big blip . . . . .

[Wellstone ruled]

5. Are there not new Credit reporting as

well as Credit scoring rules going into effect after April 15th? Understand the Lower Quintile will be scored much lower . There will be fewer perfect or near perfect credit scores. All be done in order to create more subprime loans to more credit troubled people.