Congress should pass legislation authorizing use of nontraditional data sources to make credit more available to consumers who’ve taken a hit from the coronavirus pandemic.
If Capitol Hill plans another round of stimulus, Democrats could have more leverage to demand steps such as suspending overdraft fees or placing a temporary cap on consumer lending rates.
The agency said lenders should avoid reporting delinquent payments to credit bureaus for consumers who have sought payment relief due to the pandemic.
Congressional Democrats want forceful action to prevent damage to millions of Americans' credit scores during the COVID-19 pandemic. But the credit bureaus argue that the tools needed to protect consumers are already in place.