With the coronavirus (COVID-19) pandemic having created unforeseen economic hardship, two United States senators have introduced a bill to protect people's credit scores.
Introduced by Senators Brian Schatz (D-HI) and Sherrod Brown (D-OH), who are each members of the Senate Banking Committee, "The Disaster Protection For Workers’ Credit Act" would create an immediate four-month moratorium on all negative credit reporting, in addition to protections for those facing lasting financial hardship as a result of the outbreak.
“Our bill will make sure people who fall behind on their bills won’t take a hit to their credit scores,” Schaltz said in a release announcing the bill. “Protecting credit scores now will give people a chance to rebuild their lives and our economy.”
Added Brown: "During these uncertain economic times, Americans shouldn’t have to worry about their credit scores as they work to make ends meet. This is an important fix to ensure Americans can focus on staying healthy and supporting themselves and their families, not worrying about accessing credit in the future.”
If enacted, the bill would also provide free, unlimited credit reports and credit scores for a year after the end of the crisis and extend its protections to people impacted by future major disasters.