Equifax says it will work with consumers and businesses to help mitigate the economic impact of the coronavirus pandemic on credit scores.
Equifax will work with consumers and businesses to help mitigate the economic impact of the coronavirus pandemic on their credit scores, the company said Tuesday.
As the coronavirus pandemic grips the United States, the situation is looking bleak for Americans’ wallets. Jobless claims in the U.S. have surged to a 2½-year high as businesses have had to shutter during the outbreak and lay off workers. And based on Google GOOGL, -2.51% searches at least, the worst could be yet to come.
Some banks, including Chase JPM, +3.73%, Citibank CITI, +4.62% and Bank of America BAC, +0.33%, have already said they will suspend the reporting of late payments to the major credit bureaus — Experian EXPN, +8.56% TransUnion TRU, +6.61% along with Equifax — due the unprecedented nature of this global health crisis and the impact on businesses.
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