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TheCreditGuyTV PodcastAuthor: Dave Sullivan
This podcast is my attempt to END the credit repair industry. Since 1991 I have been providing credit reports to the lending community. I have always felt that the credit repair industry has taken advantage of people. If you want to fix your own credit it is not that hard, you just have to know what to do. Dave Sullivan graduated from Western Michigan University in 1989 with a bachelor's degree in Finance. He started in the mortgage industry as a loan officer in 1991. Less than one year later started selling credit reports to Mortgage Companies, Banks and Credit Unions. On September 19, 1997, he started AIR Credit Midwest out of his car. Over the next two years, Air Credit Midwest grew to a multi-million dollar company. In 2000 he was approached by one of the largest Credit Reporting Bureau's in the nation to purchase AIR Credit Midwest. He sold it and worked for that company as Sales Manager of the Michigan and Ohio market for the next ten years. During his career in the credit industry, he has personally reviewed thousands of credit reports and credit scores. Language: en Genres: Business, Careers, Education Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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How "The Cares Act" Changed Credit Reporting FOREVER?
Monday, 14 February, 2022
The CARES Act Section 4021 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, amended the Fair Credit Reporting Act The "covered period" is either period beginning on January 1, 2020, and ending on the later of (i) 120 days after the enactment of the CARES Act or (ii) 120 days after the termination of the national emergency declared on March 13, 2020. Under the new subsection, [I]f a furnisher makes an accommodation with respect to 1 or more payments on a credit obligation or account of a consumer, and the consumer makes the payments or is not required to make 1 or more payments pursuant to the accommodation, the furnisher shall— (I) report the credit obligation or account as current; or (II) if the credit obligation or account was delinquent before the accommodation— (aa) maintain the delinquent status during the period in which the accommodation is in effect; and (bb) if the consumer brings the credit obligation or account current during the period described in (aa), report the credit obligation or account as current. While the language of the CARES Act fails to specify, it would be wise for furnishers to assume that the new subsection applies retroactively and implement these changes to any account for which accommodation was made on or after January 31, 2020. Note, however, that these changes do not apply to charged-off accounts.
