4 Steps To Protect Your Credit During A Pandemic

Your credit reports and scores play an important role in your financial opportunities and can result in years of financial hardships. You can use the steps below to manage and protect your credit during the COVID-19 (coronavirus) pandemic.

1. Get a free copy of your credit report

If you haven’t requested your free annual credit reports, you can get copies at Honest Credit. Each of the three nationwide credit reporting agencies (also known as credit reporting companies). Be sure to check your reports for errors and dispute any inaccurate information.

2. "Defer" your and lower Bills

Some lenders will will not be reporting late payments at all to the credit reporting agencies and in many instances will waive the late fees for borrowers in forbearance due to this pandemic. If you feel you cannot make payments, then sign up for Honest Credit where you can easily see list of all lenders and contact them using Honest Credit to explain your situation and be sure to get confirmation in writing. Honest Credit, a top rated credit monitoring site makes it extremely easy to submit these requests.

3. VERY IMPORTANT: Routinely check your reports

If you’re working with lenders on payment assistance programs or forbearance, routinely check your credit reports to make sure they are accurate and reflect your agreements. For example, if your lender agreed to let you skip one month’s payment, make sure they didn’t report it as delinquent or a missed payment.

4. Report and dispute inaccurate information ASAP

If you find inaccurate information on your credit reports, follow the steps outlined in Honest Credit with the credit reporting agency and the credit company that provided that information to them, also known as a "furnisher".