"Is Your Credit Report Accurate? Don’t Count on It."

September 7, 2020 Business Consumers Money

“Is Your Credit Report Accurate? Don’t Count on It.”
People are complaining about credit monitoring bureaus in record numbers this year.

You might also have to register a complaint, and here’s why.

In the wake of Covid-19, the CARES Act assured borrowers that if they made an automatic or voluntary “arrangement” with their lender to defer or skip payments due to pandemic-related hardship, it would not go down as a stain on their credit report. Think: forbearance, deferred payments, a partial payment plan or any other Covid-related financial relief.

Assuming your account had been in good standing prior to the deal, the lender must report your account as “current” to the major credit bureaus, according to the law. That way, you’ll protect your credit score and your access to credit in the future. But it’s not all going to plan, and now borrowers are voicing concerns.

…Since the pandemic began, complaints to the Consumer Finance Protection Bureau (CFPB) have surged by 86%. The “record numbers” are driven by problems with credit reports, says Ed Mierzwinski, senior director at the U.S. Public Interest Research Group, who’s been following the issue closely. Specifically, he says there have been hundreds of complaints with narratives mentioning the terms “pandemic” and “incorrect information” over the past seven months.

READ more at: https://time.com/nextadvisor/credit-cards/what-to-know-about-credit-in-2020/

Please rate this

Only members can leave comments. Login or Register!
September 13, 2020

They say: “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.” https://www.annualcreditreport.com/index.action