Must-Read for Data Furnishers: CFPB Releases FAQs on CARES Act Credit Reporting Requirements

The CARES Act, which includes—among many other things—modifications to credit reporting requirements for data furnishers during the pendency of the pandemic, caused a bit of confusion. On Tuesday, the Consumer Financial Protection Bureau (CFPB) aimed to clear some of that confusion up by releasing an FAQ on the topic of credit reporting during COVID-19.

The seven-page document covers 10 questions on the topic. Many of the questions deal with the CFPB’s policy statement outlining its supervisory and enforcement practices related to the pandemic, which was issued in early April. Below are summaries of the questions and answers.

Furnishers should pay special attention to FAQ 8, which details that reporting a disaster code does not meet the compliance requirements of the CARES Act.

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