Maria Pippidis, Extension Educator Family & Consumer Sciences; pippidis@udel.edu
Did you know that the CARES Act requires lenders to report to credit bureaus that consumers are current on their loans if consumers have sought relief from their lenders due to the pandemic? This will help protect your good credit name. But even so, it is important to review your credit report. To access your credit report for free you’ll need to go through the annualcreditreport.com website. This will be helpful if you are considering taking on additional debt to keep your business going during this time.
Credit reports may affect your mortgage rates, credit card approvals, apartment requests, or even your job application. Reviewing credit reports helps you catch signs of identity theft early. It also gives you the opportunity to catch mistakes and update your information. If you find mistakes, you can contact the bureau directly in writing to update these mistakes and question information that doesn’t look correct. By law, they have 30 days to investigate and get back to you. For more information about checking your credit report during the pandemic go to: https://www.consumerfinance.gov/about-us/blog/protecting-your-credit-during-coronavirus-pandemic/