Trans Union and Experian Reports Will Be Useless

 Underwriting standards were already in the toilet.  The response to Covid 19 will flush them.  When anything goes, nothing really matters.

"The senator (Patty Murray - D) is also calling on the department to place borrowers who were in default before the pause back in good standing. A provision in the Cares Act ensured that each month of suspended payments would count toward student loan rehabilitation, a federal program that erases a default from a person’s credit report after nine consecutive payments."  

- Washington Post

The "student loan repayment can" will likely be kicked down the road again in May.  How would you like to be an investor holding bonds that were backed with that kaa-kaa?  The only one stupid enough to hold the paper on all of those deadbeats IS Uncle Sam.

"The three national credit bureaus have announced plans to overhaul how they handle medical collections reporting, resulting in tens of billions of dollars in debt being wiped from U.S. consumers' credit reports. The changes, which will go into effect this summer, will get rid of roughly 70% of the medical debt in collection accounts that are currently on consumer credit reports."

- Investopedia

The Consumer Finance Protection Bureau led the charge for having the credit reporting agencies remove this from consumer (a.k.a. debt serf) files.  

See, the CFPB is totally cool with allowing a car dealer to charge you $5,000 more than MSRP on a shiny new F-150  but they are NOT COOL with allowing potential creditors in your future to discover that you defaulted on your student loan and welched out on your dentist bill in 2021.... 'cause, you know, ...Covid.  Our country and many members of its leeching, whining, over-indebted populace are total bullshit.  I am so glad that I am no longer a part of the banking community.