On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”) was passed in an effort to provide financial stability and relief in response to the ongoing Coronavirus pandemic. Amongst other types of aid, the CARES Act provides immediate relief to obligors of certain student loans. See Pub. L. No. 116-136 § 3513 (March 27, 2020). That relief, however, applies only to federal student loans which now include the vast majority of the nation’s student loan debt. But, there remain millions of other commercially-held and private student ...
On Friday, March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), an emergency spending bill providing $2 trillion in relief to individuals and businesses who have or will suffer negative economic effects of the COVID-19 pandemic.
Credit Reporting
The CARES Act amends the Fair Credit Reporting Act by creating new reporting rules in those instances where a furnisher makes an “accommodation,” which is defined as “an agreement to defer one or more payments, make a partial payment, forbear any delinquent amounts ...