How Lenders and Credit Agencies Are Responding to Coronavirus

Lenders and credit reporting firms are still working through how to handle the current state of the US consumer; lenders haven’t reported increases of missed payments but this likely won’t last for long; consumers are at risk of losing their homes and cars which will have an impact on their credit score for years to come; Citigroup has already announced increasing spending limits and JPMorgan Chase is delaying due dates for some borrowers across cards, auto loans and mortgages; Goldman Sachs has also allowed some borrowers to delay payments for a month; part of the discussion centers around if everyone should get relief or if it should only be for those who ask for it; the WSJ digs into some of the outstanding questions that various financial firms are asking themselves. The Wall Street Journal