Wednesday, Apr. 15, 2020, 12:50 PM
With millions of individuals losing their jobs during the coronavirus pandemic, auto-finance companies and buy-here, pay-here dealers with related finance companies often have been working with their customers on deferments and other payment modifications, triggering a host of questions about credit reporting.
To help, Equifax and the National Independent Automobile Dealers Association are hosting a free webinar to assist operators of all sizes about what they need to know about credit reporting during the COVID-19 pandemic. The session is scheduled for noon ET on Friday and set to feature:
— Shaun Petersen, senior vice president of legal and government affairs at NIADA
— Drew Rosedale, data contributor services leader at Equifax
— Jennifer Reid, vice president of strategy and marketing at Equifax Automotive
The COVID-19 has impacted virtually every aspect of personal and business life including the credit reporting marketplace,” NIADA and Equifax said. “The recently signed CARES Act includes measures related to reporting information during these times. The automotive industry is responding by leveraging credit reporting codes that are available for times of disaster to help mitigate the potential negative impact of late, missed, or deferred auto loan payments.
“Many lenders, buy-here, pay-here dealers, and new and used dealerships are rapidly instituting these programs to help consumers who have been financially impacted. The goal of the webinar is to provide the information you need to report consumer auto loan payments and answer consumers’ questions,” NIADA and Equifax went on to say.