This CRS Insight presents links to websites of selected federal agencies and other organizations potentially relevant to consumers affected by the Coronavirus Disease 2019 (COVID-19) pandemic. These links provide information on mortgage and other consumer payment relief, credit score protection, and consumer-targeted frauds and scams.
For analysis of consumer-related financial concerns about COVID-19, see CRS Insight IN11244, COVID-19: The Financial Industry and Consumers Struggling to Pay Bills, by Cheryl R. Cooper. For a list of all CRS products related to COVID-19, see the CRS COVID-19 Resources page.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136), enacted on March 27, 2020, includes provisions intended to provide temporary relief for certain mortgage borrowers and federal student loan holders affected by the COVID-19 pandemic. The following selected federal agencies provide information on potential payment relief options for consumers to defer, forbear, make partial payments, or obtain other assistance on their mortgage loans, auto loans, credit card debt, and student loan debt.
The Consumer Financial Protection Bureau (CFPB) provides a guide to coronavirus mortgage relief options with links and a video to help consumers determine whether they have a federally backed mortgage and, if not, how they might qualify for mortgage relief. The CFPB also has advice for consumers having difficulty paying credit card and auto loans; tips and tools for communicating with debt collectors; and information about debt settlement.
Act fast if you can't pay your credit cards
Blog: Worried about making your auto loan payments? Your lender may have options that can help
Blog: Coronavirus and dealing with debt: Tips to help ease the impact
The Department of Agriculture (USDA) is granting lenders a temporary exception to offer payment deferrals for USDA loan programs.
Coronavirus and Forbearance Info for Students, Borrowers, and Parents
The Department of Housing and Urban Development (HUD) sponsors housing counseling agencies across the country that offer guidance on consumer loan issues, as well as the following press release and mortgagee letter specific to homeowners seeking mortgage relief:
The Department of Veterans Affairs (VA) is encouraging a number of actions by VA loan holders, including temporary moratoriums on foreclosures and other considerations related to evictions and protections for veterans and their families.
FDIC Consumer News: COVID-19 and Your Financial Health
The Federal Housing Finance Agency (FHFA) provides mortgage assistance information for homeowners affected by COVID-19, including links to resources offered by Fannie Mae, Freddie Mac, Federal Home Loan Banks, and other federal government agencies.
Blog: Coronavirus and your mortgage
Consumers can harm their credit scores when they miss consumer loan payments, which can impact their access to credit in the future. The CARES Act requires creditors to report to the nationwide credit bureaus—Equifax, Experian, and TransUnion—that consumers affected by the COVID-19 pandemic are current on their credit obligations if they enter into an agreement to defer, forbear, modify, make partial payments, or get any other assistance on their loan payments. The following agencies and organizations provide additional information on credit score protection.
Protecting Your Credit During the Coronavirus Pandemic
The three major credit reporting agencies have established dedicated websites to provide consumers with information on ways to protect their credit and identities during the COVID-19 pandemic:
Additionally, starting April 20, 2020, Experian, Equifax, and TransUnion will offer all U.S. consumers free weekly credit reports for the next year through AnnualCreditReport.com.
The following selected federal agencies provide consumer guidance on awareness and avoidance of fraudulent, predatory financial activities by those taking advantage of the COVID-19 pandemic.
The CFPB offers general guidance on scam avoidance and further guidance on scams for seniors.
The Treasury provides guidance on reporting COVID-19 Scams and maintains a list of Frequently Asked Questions Regarding COVID-19, including those about Fraud and Scams.
The CARES Act includes direct economic impact payments to individuals and information on the status of those payments. The Internal Revenue Service has issued several notices warning taxpayers about scams and schemes tied to these payments.
COVID-19 Consumer Warnings and Safety Tips includes information on tactics such as robocall scams with COVID-19-themed student loan repayment plans and debt consolidation offers.
FDIC Consumer News: Scammers pretending to be the FDIC
Coronavirus-related Fraud Prevention Tips and Resources for Mortgage Borrowers and Renters
The Federal Trade Commission (FTC) provides information on dealing with Coronavirus-related scams and addresses specific concerns about stimulus payments in Coronavirus Stimulus Payment Scams: What You Need to Know. All FTC scam alerts can be found on its website.
The Securities and Exchange Commission has issued several warnings about coronavirus-related investment frauds, including one for "main street" investors and one about investment frauds involving claims that a company's products or services will be used to help stop the coronavirus outbreak.
Consumer Financial Protection Bureau, Protecting your finances during the Coronavirus Pandemic
Department of the Treasury, Frequently Asked Questions Regarding COVID-19
Federal Reserve Consumer Help COVID-19 Information and Resources page
The National Foundation for Credit Counseling is a nonprofit organization that provides debt management counseling to consumers. See their Coronavirus Financial Toolkit for targeted resources related to COVID-19.
USA.gov lists a growing number of resources on the federal government response to COVID-19 that address consumer concerns about managing the financial impact of the virus.