Your physical health and mental well-being should always be an important focus. The serious challenges posed by the current COVID-19 crisis are even more real.
But it’s not just your physical and mental health that should remain a concern. of you Mali Health is also important.
COVID-19 delivered Some severe financial health challenges to the doorsteps of many Americans. These include job losses, job opportunities, vacations, low pay (and more) Which has caused real damage.
The amount of hand washing or wearing masks does not protect you Mali Health. This must be done in other ways.
So what steps can you take to protect yourself or get back on track for better health when it comes to your credit, credit scores, and financial issues?
First, evaluate your financial situation and health. Drag your credit report So you know your current financial reality. Knowing the facts is important. It is also important to know that your credit report is accurate and your accounts are properly reported.
But one check is not enough …
Continue to monitor your credit regularly. Be sure to monitor for identity theft at this time, as this type of fraud is on the rise during this crisis.
When it comes to credit health and credit scores, there is a “shock order” of value when it comes to debt repayment. This importance depends on whether we are in debt Not safe or secure Debt securities obligations must first be identified.
If you have a mortgage (Secured loan) And you know that you will not be able to pay your monthly mortgage (s), contact the mortgage borrower immediately. Act out Actively About your mortgage payments.
It is important to understand:
- You should not wait until you have already lost the payment to negotiate with your lender.
- That you are not relieved of debt obligations by the actions you take
- There is good news. It is possible that there are mortgage solutions or accommodations that may be helpful to you during this difficult time.
- The sooner you take action, the better. (Read my article, "Who, what, when, where and how tolerates Garte's tolerance"For additional insights and guidance on available options).
It is important to understand …
Recently passed Law of Care Require lenders / creditors to report accounts where payments have been applied to the same credit bureau as "current" … But the account must be current when the accommodation was placed.
So I emphasize this point again … don't wait to take action.
The same advice applies To Automatic loans, Also a secured loan. Immediately go to your car loan provider to see what options are available to you as an option for monthly auto payments / financial assistance.
It should be noted: The care law also provides some options of assistance to those people Federal Student loans. Your student loan depends on the service provider, so contact ASAP to find out what kind of help or assistance may be available to you.
Contacts (Insecure) Service providers, such as gas and electricity providers, cable, seals, and so on., Is great if you know you won't be able to pay your monthly bills / obligations. Some providers offer financial aid measures, others do not.
Don't hesitate to ask if:
- Your payment may be reduced
- There are flexible payment plans
- Other payment options are available to you
Providers are more likely to work Actively.
Your payment history During this time your credit scores are vital in status / formation FICO scores rely heavily In them while you may save some damage for your score while facing COVID-19 challenges, the damage may be limited or minimized, so you should take action to protect it.
Currently, the help and assistance options created by the Care Act are available for a limited time. Staying in education and opportunities as possible changes d Consumer Financial Protection Agency (CFPB) Coronavirus / COVID-19 data.
It can't be pressured enough: If you want to limit the potential financial / credit impact you face as a result of the current COVID-19 challenges, take immediate action to do so. This is where you can provide yourself with the most comfortable and financial security possible … and the method by which your credit score will be least affected.
Talk to you soon. Stay in touch with your lender and all service providers throughout the financial challenges you face.
Your financial health, both in the short and long term, will be great for this …
* Are you buying a home or investment property or dreaming of refinancing In New Linux – Will County – Chicago – Chicago Land – IL / WI?
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