Coronavirus Credit Lapse Forgiveness Act

I 116TH CONGRESS 2D SESSION H. R. 6413 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. IN THE HOUSE OF REPRESENTATIVES MARCH 27, 2020 Mr. MURPHY of North Carolina introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Fair Credit Reporting Act to prohibit con- sumer reporting agencies from including any adverse item of information on the consumer report of an indi- vidual with respect to debt related to a COVID–19 re- lated illness, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Coronavirus Credit 4 Lapse Forgiveness Act’’. 5 VerDate Sep 11 2014 01:55 Apr 10, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H6413.IH H6413 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 6413 IH SEC. 2. PROHIBITIONS RELATING TO CONSUMER REPORT 1 FOR INDIVIDUALS WITH A DEBT RELATED TO 2 A COVID–19 RELATED ILLNESS. 3 Section 605(a) of the Fair Credit Reporting Act (15 4 U.S.C. 1681c(a)) is amended by adding at the end the 5 following: 6 ‘‘(9) Any adverse item of information related to 7 a debt incurred before the end of the 1-year period 8 beginning on the date of the enactment of this para- 9 graph arising from a COVID–19 related illness for 10 an individual who earns less than $50,000 a year (or 11 in the case of a couple that is married filing jointly 12 less than $75,000 a year)— 13 ‘‘(A) if the debt antedates the report by 14 less than 1-year and if the consumer reporting 15 agency has actual knowledge that the debt 16 arises from a COVID–19 related illness; or 17 ‘‘(B) if the consumer reporting agency has 18 actual knowledge that the debt is related to a 19 COVID–19 related illness and if such debt is 20 paid or settled before the end of the 1-year pe- 21 riod beginning on the date such debt was due.’’. 22 Æ VerDate Sep 11 2014 01:55 Apr 10, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H6413.IH H6413 pamtmann on DSKBC07HB2PROD with BILLS