How can I protect my credit score?
The federal Consumer Financial Protection Bureau recently issued general advice on how to protect your credit score during the current health crisis when you might find yourself charging more on your credit cards due to lost income.
If you’re unfamiliar with credit scores and the roles they play, this resource from the financial protection bureau is a good place to start.
If you’re a homeowner with a mortgage, the federal CARES Act might protect your credit and provide some financial relief. According to the law, if the company that services your mortgage agrees to suspend or reduce your monthly payment, and you make any reduced payment on time, they cannot report you to credit bureaus for late or missed payments through July 25, 2020, or 120 days after the President declares the emergency period concerning COVID-19 over, whichever is later.