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Tag: credit reporting

Why You Should Check Your Credit Regularly During the Coronavirus Pandemic

Why You Should Check Your Credit Regularly During the Coronavirus Pandemic

If the coronavirus (COVID-19) outbreak has hurt you financially, working out a deal with a creditor or lender to skip payments or pay less than the required minimum amount could impact your credit even though, in most cases, it shouldn’t. So, you need to be proactive in reviewing and protecting your credit during this national emergency. Credit Protections Under the CARES Act Under the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, if you make an agreement with a…

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Lenders and Creditors Are Stepping Back While the Coronavirus Outbreak Goes On

Lenders and Creditors Are Stepping Back While the Coronavirus Outbreak Goes On

With millions of people out of work in the U.S., mortgage lenders are getting inundated with calls from people seeking help. And some of those who are struggling have started relying on their credit cards more and more to cover basic expenses. In response, many anxious lenders and creditors are taking a step back in different areas. It’s now become much harder to get a mortgage or a refinance loan. Credit card companies, too, are turning down new applications that,…

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How to Review Your Credit Reports Weekly During the Coronavirus Crisis

How to Review Your Credit Reports Weekly During the Coronavirus Crisis

Frequently accessing and monitoring your credit information is especially important when you’re having trouble paying your bills. If you’re among the millions who’re now getting a reduced income—or are out of work altogether—due to coronavirus (COVID-19), you should review your credit reports often so you can take steps to try to preserve your credit score. Under the Fair Credit Reporting Act, you get the right to receive a free copy of your credit report from each of the three major…

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CFPB Won’t Enforce Credit Reporting Dispute Deadlines During Coronavirus Crisis

CFPB Won’t Enforce Credit Reporting Dispute Deadlines During Coronavirus Crisis

Your credit report is a record of all open credit accounts you have, as well as your payment history with each of them. The three national credit reporting agencies—Equifax, Experian, and TransUnion—keep these records, and federal law gives you the right, under the Fair Credit Reporting Act (FCRA), to dispute errors and inaccuracies in your reports. Federal law also requires the agencies to respond to disputes within specific time limits. Generally, the FCRA requires that credit reporting agencies and furnishers,…

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Credit Reporting Agencies Agree to Better Consumer Protections

Credit Reporting Agencies Agree to Better Consumer Protections

This month, the three nationwide credit reporting agencies (Equifax, Experian, and TransUnion) agreed to significant changes in their credit reporting practices and the way they handle consumer disputes. These voluntary changes, which resulted from a settlement with New York Attorney General Eric Schneiderman, are set forth in what the credit reporting industry is calling The National Consumer Assistance Plan. (Learn what a credit report is and what is contains in Credit Report Basics.) Here are the highlights of these new…

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