by Scott A. Meyer
Is your business reporting to credit agencies during the COVID-19 pandemic?
As you are no doubt already aware, the Fair Credit Reporting Act requires that Equifax, Experian and TransUnion provide consumers with one (1) free annual report every twelve (12) months. We have recommended for some time to our clients that they check these reports on an annual basis to identify credit issues and potential fraud.
As a minor silver lining to the pandemic we have all been facing, these credit reporting agencies have announced that they are now offering free weekly credit reports to all Americans until April 2021. Follow this link to access your reports – AnnualCreditReport.com
CARES Act Special Reporting Requirements
Under the CARES Act, companies are required to report to credit bureaus that consumers are current on their loans if consumers have sought relief from their lenders due to the pandemic.
As just one example of the additional benefit these weekly reports can have, people will now be able to verify that reporting regarding credit accounts does not hurt their credit ratings when they seek loan relief because of COVID-19.
If you own a business that reports to these credit reporting agencies, be aware of this component to the CARES Act.
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About Scott A. Meyer
Scott Meyer focuses his practice on Corporate and Intellectual Property matters. His Corporate practice includes a broad spectrum of services including entity formation, business transactions, operational agreements and contracts, sales, acquisitions and mergers of businesses, corporate governance and employment matters.
His Intellectual Property practice includes trademark, licensing and various service agreements for corporations.Read more…