Federal and state regulators issued guidance to financial institutions on supporting consumers impacted by the outbreak; TransUnion remains committed to helping consumers navigate related financial hardship
The novel coronavirus (COVID-19) is having and will continue to have significant financial effects on many American consumers and businesses. TransUnion (NYSE: TRU) is committed to helping consumers navigate adverse economic circumstances related to the outbreak.
TransUnion applauds the guidance issued by the Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), National Credit Union Administration (NCUA), and Conference of State Bank Supervisors (CSBS) on how financial institutions can support consumers affected by the public health situation. These regulators encouraged financial institutions to “work constructively with borrowers and other customers in affected communities.”
“In this difficult situation, TransUnion is grateful for the leadership of federal and state regulators,” said Eli Peterson, senior vice president for public policy and privacy. “We know this is a hard time for people, and we are ready to do our part to help consumers.”
Consumers who are financially impacted by the virus should contact their lenders as a first step. Lenders may have several options to support consumers, which could include forbearance programs, such as deferred payment plans, as well as the opportunity to report the consumer’s account to the credit bureaus under special natural disaster reporting codes. TransUnion has also published on its website information for consumers on managing credit through a financial hardship, and provides consumers with access to a comprehensive set of support services at TransUnion Support.
As with previous critical situations, TransUnion is supporting data furnishers (banks and other creditors) that implement hardship programs for consumers directly affected by the virus. TransUnion’s trade association, Consumer Data Industry Association (CDIA), has provided guidance to data furnishers about how banks and creditors can help consumers—for example, by allowing someone to miss a payment or enter into a forbearance plan—and how those actions would be accommodated by the credit reporting system.
Finally, TransUnion is focused on ensuring business continuity across its global operations so consumers can continue to utilize their credit reports to apply for loans, credit cards, mortgages, and other types of financial products, and businesses can extend the credit consumers need during this challenging time.
Source: TransUnion Press Release