How coronavirus can impact your credit score
WASHINGTON D.C. — There’s a lot packed into the $2 trillion coronavirus relief package, but no protections to insulate your credit score.
“I pushed for that until 30 minutes before the agreement was signed,” Ohio Democratic Senator Sherrod Brown said.
Brown said consumers, especially those out of work, need that kind of protection.
“We had interest from the republican chairman, but Senator [Mitch] McConnell and President Trump said no,” Brown said.
Financial experts say you can still help yourself by first finding out your current credit score.
“I recommended people go to annualcreditreport.com just to see what’s on there,” financial expert Pete Dunn said. “That’s the free resource to get your credit report.”
Dunn says if you’re out of work or making less, you should still try to make at least minimum monthly payments. He also says it never hurts to call your creditors.
“Communicate with them, be honest with them,” Dunn said. “You’re not telling them a story. You’re just communicating and that helps, because they can mark it in your file. If there’s grace to be extended, by all means you’ll be in line for that.”
Even though the relief package won’t protect your credit score, other federal policy changes can help.
“If you have federal student loan payments, you’re going to be able to defer those,” Dunn said. “If you have an FHA loan, you’re going to be able to put that into forbearance.”