Problem Solvers Coronavirus Hotline: COVID-19 and Your Credit Score

Problem Solvers Coronavirus Hotline: COVID-19 and Your Credit Score

CORONAVIRUS..

AND MANY BILLSDUE TOMORROW..

TWO WORKSFOR YOU HAS RECEIVED A LOTOF QUESTIONS ON OUR PROBLEMSOLVERS LINE... INCLUDING...HOW MISSING PAYMENTS COULDAFFECT YOUR CREDIT SCORE.OUR TRAVIS GUILLORY..TRACKED DOWN SOME ANSWERS.TRAVIS= WE ARE REACHINGANOTHER BILLING CYCLE, ANDMANY AMERICANS ARE CONCERNEDABOUT PAYING BILLS ANDMAKING PAYMENTS ON LOANS ANDCREDIT CARDS BECAUSE OFFINANCIAL HARDSHIPS DUE TOTHE CORONAVIRUS.

BUT MISSINGPAYMENTS CAN AFFECT YOURCREDIT SCORE.

ONE VIEWERCALLED OUR CORONAVIRUSHOTLINE SAYING, "I'VE NEVERBEEN LATE ON A PAYMENT, ANDNOW I'M LATE.

I JUST WANT ITTO NOT BE REPORTED TO THECREDIT BUREAU BECAUSE I HADTO BE FORCED TO NOT WORKBECAUSE OF THE CORONAVIRUS."ANOTHER VIEWER CALLED IN ANDASKED, "HOW DO WE SECURETHOSE PEOPLE THAT AREWITHOUT CHECKS FROM RUININGTHEIR CREDIT WHICH HASALREADY BEEN HARD TO KEEP UPWITH ANYWAY?" HERE ARE SOMETIPS FROM MARKETWATCH.COM:GET A COPY OF YOUR CREDITREPORT BY LAW, CONSUMERS AREENTITLED TO ONE FREE COPYOF THEIR CREDIT REPORT EVERYYEAR FROM EACH OF THE MAJORCREDIT BUREAUS.

BY GETTINGYOUR CREDIT REPORT, YOU'LLKNOW EXACTLY WHERE YOU AREAND WHERE YOU'RE STARTING.MAKE MINIMUM PAYMENTS LATEPAYMENTS CAN NEGATIVELYIMPACT YOUR CREDIT SCORE, SOIT'S BETTER TO MAKE AMINIMUM PAYMENT AND PAYINGSOMETHING INSTEAD OF NOPAYMENT AT ALL.

ASK LENDERSTO DEFER OR REDUCE PAYMENTSMANY LENDERS ARE OFFERINGRELAXED PAYMENT TERMS ORPAYMENT DEFERRALS DURING THECORONAVIRUS PANDEMIC.THE STIMULUS PACKAGE PASSEDBY CONGRESS INCLUDEDLANGUAGE THAT GUARANTEED THERIGHTS OF MORTGAGE BORROWERSTO REQUEST FORBEARANCE IFTHEY HAVE A FEDERALLY-BACKEDMORTGAGE.

ALSO, BANKS ANDCREDIT UNIONS ARE OFFERINGTO DEFER PAYMENTS AND WAIVEFEES FOR CREDIT-CARD HOLDERSDURING THE CORONAVIRUSEMERGENCY.

IN ALL THESECASES, CONSUMERS NEED TOMAKE A REQUEST TO RECEIVETHIS ASSISTANCE - LENDERSARE NOT JUST PROVIDING ITAUTOMATICALLY.

CONSIDERADDING A 'CONSUMERSTATEMENT' TO YOUR CREDITREPORT IN ADDITION TO THENATURAL DISASTER STATEMENTLENDERS CAN ADD TO APERSON'S CREDIT REPORT IFTHEY'VE BEEN GRANTEDFORBEARANCE, CONSUMERS CANADD THEIR OWN STATEMENTS.YOU CAN ADD A STATEMENT TOYOUR CREDIT REPORT THATSAYS SOMETHING LIKE "I'MAFFECTED BY THECORONAVIRUS." (ADLIB) TG2WFY"NOW... YOUR 2 WORKS FOR YOUFIRST FORECAST.MARCH SHOWERS ARE HERE!CHIEF METEORLOGIST MIKE