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COVID-19 (Coronavirus) and Your Credit Score

Coronavirus
The outbreak of COVID-19 (Coronavirus) and the personal and economic effects it is having on individuals is extreme. No one is not facing issues by this major disruption. The three credit bureaus have created pages to assit you in managing your credit during these hard times, see these links; Equifax, Experian and TransUnion. The credit bureaus are taking measures to support people impacted by the Coronavirus and are also working with creditors and lenders to minimize the effects on consumers’ credit standing.

People experiencing a financial hardship are wondering how late or reduced payments impact their credit scores. Experts are encouraging individuals with concerns to contact their creditors and discuss options being offered. The Consumer Data Industry Association (CDIA) is providing guidance to consumers, creditors and lenders on how they can work together to assist anyone affected by the Coronavirus. The CDIA has created a FACT SHEET: Helping Consumers Avoid Credit Problems if Impacted by Coronavirus (COVID-19) which is a very helpful resource of information for getting further help.

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