Credit issues are a huge problem with families as a result of Covid – 19. The Pandemic has changed everything about our lives from our activities, our relationships, our livlihoods and even the way we spend our money. We could not have emagined something this dire could have such an impact on the entire world.
Families I speak with express their concern for their financial future. Credit issues are a huge challenge now, especially with the reality that many families have seen a dramatic drop in their incomes, either from a total job loss or huge gaps in the income coming into their households. It has been truly devastating and this year isn’t even over.
Here is what we are seeing from the Credit world; credit bureaus have issued some guidance to creditors to try to work with their consumers as much as possible. That guidance was initially issued back in April of this year from the credit bureaus. What does that mean to you? Well, if you set up an agreement to modify a payment schedule, or asked for different terms in an existing credit obligation from your creditor, they can report that update accordingly to the credit bureaus.
So let me give an example; You owe citibank a payment of $150 a month, you can only pay $30, and ask for a modified schedule to reflect that new payment. Which ever credit bureau that citbank is reporting to they can update the new payment, and adjust the balance of your loan to reflect the change. Most creditors will also allow you to put a payment or two on the back end, to help with any past due payments, this option can be very helpful in stopping collection action.
In conclusion, credit protections are available under Covid-19 and each creditor has been advised to help their consumers. Keep in mind, if you were already struggling with some obligations and your credit history was in trouble, you may want to consider using this time to get things in order and back in control. If you are circling back to addressing old credit problems and the pandemic slowed down your ability to move forward to fixing your credit and your looking for competent, effective credit solutions, we are here to assist you. We now offer monthly payment plans. You can get started for as little as $99.00 and begin to get your credit back track today. If you would like to learn more about how we can help you, submit a contact message, and we will call you.
