If furnishers provide an accommodation and the customer makes their payment or if no payment is required, then the furnisher must report customer as current.
If the customer was delinquent before the accommodation, but brings account current, then the furnisher must report customer as current.
Furnishers may maintain status of written off accounts.
These provisions apply from January 30, 2020 to 120 days after enactment of this bill or the end of the national emergency.
Student Loans
Suspends all payment due on federal student loans for 6 months.
Interest shall not accrue on these during this forbearance.
For the purpose of loan forgiveness, loans will be deemed paid during the forbearance.
Prohibits negative credit reporting or involuntary debt collection during forbearance period.
