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Dems bid to pause negative credit reporting gets pushback from industry

January 1, 0001, American Banker

David Stein is quoted in the American Banker regarding the push from U.S. lawmakers for a moratorium on all negative credit reporting during the COVID-19 crisis. According to Mr. Stein, lenders have one additional option to prevent damage to consumers’ credit scores. He says that lenders can stop reporting data to the credit bureaus altogether, though he acknowledged that doing so would degrade the usefulness of the reporting system.

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