Protecting your credit score during this time is extremely important. We encourage you to be proactive in monitoring your credit, staying on top of personal finances, and using resources that are available to you. The three major U.S. credit reporting agencies Equifax, Experian and TransUnion are making it easy for consumers to do just this! They are currently offering consumers free weekly credit reports through April 2021. The reports are available on AnnualCreditReport.com.
Lots of sites promise credit reports for free, but don’t be fooled by look-alikes. AnnualCreditReport.com is the only official site explicitly directed by Federal law to provide them. Normally you’re able to get one free copy of your credit report every 12 months from each credit bureau.
Should you Check your Credit Report During COVID?
- Yes! As we said before, it’s an excellent way to stay on top of your credit.
What Should You Do with Your Free Credit Reports?
- Review your report for areas you can improve and for any mistakes.
What Should You Check For?
- Make sure you name and address are correct. Having an incorrect variation of your name or address where you never lived before could indicate fraud.
- If there is an account you don’t know about under you name this is a red flag.
- Payment history on your accounts. The three credit reporting agencies have stated that forbearance or deferred payment plans will not hurt credit reports, so make sure this reflects accordingly.
What if I Find a Mistake?
- Contact the credit bureau that reported the information and the creditor for the account.
- You need to contact each bureau separately to dispute information in your credit report.
Does the Credit Report from AnnualCreditReport.com include Credit Scores?
- No. You can get your FICO or VantageScore credit scores from many lending institutions. For instance: Bank of America, Discover, Well Fargo, etc.
What are some steps to take to help keep protect your credit?
- Pay bills on time if you can.
- Contact your mortgage servicer for help if you can’t pay your bills on time. Ask about hardship options before you miss a payment.
- Check your credit regularly and check for accuracy so you can identify any fraudulent activity.
- Dispute information online. If you need to dispute any information in your Experian credit report, the quickest way to do so is online at their dispute center. Don’t forget… disputes need to be made with each credit bureau where the information you’re disputing appears.
- Contact your service providers if you can’t pay your utility, phone, cable, or any other monthly bills on time. See if they offer flexible payment options during this time.
- Protect Your Identify. During times like this identify theft and scams tend to increase. You can put a security freeze on your Experian credit file so lenders cannot gain access to it. This will prevent others from obtaining your personal information and applying credit in your name. Lifting the freeze at any time is free.
- If you need financial assistance, reach out! Working with a credit counselor can help you manage your existing debt. Emerald Home Loans can also put you in touch with a reliable company.
- Make a budget and try to plan ahead.
- Contact Emerald Home Loans is you have any questions! Check out our helpful credit resources below.
Helpful Resources:
- Tips for Clients in Mortgage Forbearance
- How To Manage Your Credit Score
- FreeCreditReport.com
- How Much Can You Save by Improving Your Credit Score?
- Get in touch with an EHL Loan Expert Today
