1. Short title
This Act may be cited as the “Coronavirus Credit Lapse Forgiveness Act”.
Coronavirus Credit Lapse Forgiveness Act
A BILL
To amend the Fair Credit Reporting Act to prohibit consumer reporting agencies from including any adverse item of information on the consumer report of an individual with respect to debt related to a COVID–19 related illness, and for other purposes.
2. Prohibitions relating to consumer report for individuals with a debt related to a COVID–19 related illness
Section 605(a) of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)) is amended by adding at the end the following:
“(9) Any adverse item of information related to a debt incurred before the end of the 1-year period beginning on the date of the enactment of this paragraph arising from a COVID–19 related illness for an individual who earns less than $50,000 a year (or in the case of a couple that is married filing jointly less than $75,000 a year)—
“(A) if the debt antedates the report by less than 1-year and if the consumer reporting agency has actual knowledge that the debt arises from a COVID–19 related illness; or
“(B) if the consumer reporting agency has actual knowledge that the debt is related to a COVID–19 related illness and if such debt is paid or settled before the end of the 1-year period beginning on the date such debt was due.”