Here's how to protect your credit score during the coronavirus crisis:
“Congress last week passed the CARES Act. The Act requires lenders to report to credit bureaus that consumers are current on their loans if consumers have sought relief from their lenders due to the pandemic. The Bureau’s statement informs lenders they must comply with the CARES Act.”
You can’t sit back and assume everything is fine. Rather, you need to confirm that there are no problems where your credit reports are concerned. To get started, you can download a free copy of your three credit reports fromCredit reporting mistakes are common. A report from U.S. Pirg Education Fund reveals that the three major credit reporting agencies—Equifax, TransUnion and Experian—receive more complaints than any other companies in the CFPB complaint database.
Once a credit reporting agency receives your dispute, it has 30 days to investigate, but CFPB has allowed for additional investigation time as long as the agency is giving a good faith effort. . At the end of the investigation, you will receive a notification that lets you know whether your disputed items have been deleted from your report, updated or verified as accurate.
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