Representatives García, Clay, Tlaib Tell the Credit Reporting Agencies: Don’t Report Adverse Credit Events During COVID-19
Chicago, IL.- Representatives Jesύs “Chuy” García (IL-04), William Lacy Clay (MO-01) and Rashida Tlaib (MI-13) led 70 Members of Congress in urging the major credit reporting agencies to stop rating adverse credit events such as missed medical bills, credit card payments and rent and mortgage payments until the COVID-19 public health emergency has passed.
“Through no fault of their own, many working class people will find it harder to pay their bills as COVID-19 unfolds. The health risks of the virus may pass but the economic consequences of the pandemic will negatively affect the economic well-being of working class families, hourly wage workers, low-income households, communities of color, and immigrants,” said Rep. García. “I represent many working families who never recovered from the last recession. Now many of them face additional hardships because of lost wages and layoffs caused by the COVID-19 emergency. I join my colleagues in writing this letter to credit reporting agencies because if they don’t do the right thing, adverse credit events like missed payments that stem from the economic ripple effects of COVID-19 will punish families and hamper economic recovery for everyone.”
“This crisis has completely changed the lives of people across the nation. Families, workers, small business owners and people who are simply trying to get through this pandemic should not be punished for something that is out of their control. Credit reporting agencies must halt the reporting of adverse incidents from hospital bills, mortgage payments, and credit card payments. We all have a role in ensuring we get through this public health emergency as whole as possible and I call on the credit reporting agencies to step up and do the right thing,” said Rep. Tlaib.
“Given the current public health and economic emergency, I’m calling on credit reporting agencies to forgo any negative information on missed medical bills, rent or late payments until this crisis is over. We need to ensure that when America recovers, working families, hourly workers and low-income households are not buried in negative credit reports through no fault of their own. This civic-minded action will make these companies good corporate citizens as we face this new reality where we should all stand up for each other,” said Rep. Clay.
Read the full letter here.