Questions come up about the impact the spread of Coronavirus has on consumers’ credit histories. The Consumer Data Industry Association (CDIA) and its credit bureau members have answers. For years, the credit bureaus have had systems in place to minimize or eliminate the negative credit impact of the extreme events, like a natural disaster, or a pandemic.
Consumers who have been impacted (directly or indirectly) by Coronavirus are strongly encouraged to contact their lenders and creditors. Lenders and creditors have programs and plans to assist their customers in a time of a financial crisis, like a pandemic. Lenders and creditors typically offer forbearance or deferred payments programs for their customers who need help. In many cases, a consumer will be reported as “paid as agreed”.
To read the full guidance, and for links to additional resources, please click here.