Lenders have been directed to give consumers a break on their monthly bills amid the pandemic. Here’s how that is supposed to affect credit scores.
The federal government has directed lenders to give consumers a break on some of their monthly bills amid the coronavirus crisis—without reporting them as delinquent or past due. However, individuals should be more vigilant than usual about monitoring their credit reports and scores.
The intent of the measure, included in the stimulus bill passed in late March, is to let people skip payments without damaging their credit scores, three-digit numbers lenders rely on to make decisions about whom to extend loans to, and how much...
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