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Determined1

Credit Reporting After Natural Disaster

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Hi Friends,

It's been awhile since I've posted and thought I would check in, say hello and ask a question. In the wake of a natural disaster, are there any federal regulations that prohibit banks / lenders from reporting a late payment to the credit bureaus for a consumer located in a state and county that was declared a federal disaster area? If there is a period that credit reporting is affected, how long does it last?

Thanks to all who may have any info!

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1 hour ago, Determined1 said:

In the wake of a natural disaster, are there any federal regulations that prohibit banks / lenders from reporting a late payment to the credit bureaus for a consumer located in a state and county that was declared a federal disaster area?

There are no laws on this but many creditors do put in place a hardship program immediately for consumers affected by a natural disaster.  I know Capital One does because I have seen it on their website within 24 hours.  It usually reads "Are you affected by Hurricane Harvey?  Click here to get assistance."  Unfortunately no law requires them to do this it is a humanitarian and PR effort.

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