The COVID-19 pandemic has not only been harmful to people’s health, but it has also hurt a lot of people financially. Businesses have been forced to shut down, people have lost their jobs, and even governments are having a tough time running their countries. In these trying times, it can be very difficult to maintain a good credit score. Below are some helpful tips for keeping your credit score high during these trying times.
- Keep Yourself Informed
It is very important to monitor your credit score, and now that the economy is suffering, it is even more important. We recommend that you review your credit score every couple of months using a free tool. If you keep an eye on your credit score, you will be able to plan out your goals accordingly so that you can try and build up your credit score over time.
- Pay On Time
Late payments are one of the most damaging factors to someone’s credit score. If you keep paying off your balance late, your credit score can be negatively affected for years. Set reminders on your phone or put sticky notes on your desk to remind you about paying your credit card bill before it is due. If you can’t pay the entire amount, try to pay at least the minimum amount every month. It will not only protect your credit score, but will also save you from paying extra fees.
- Take Advantage of Federal Relief
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes certain protections that can help people maintain their credit scores during the COVID-19 pandemic. Some creditors are now willing to reduce interest rates or extend loans, and some lendors have offered to waive late fees and stop reporting late payments to credit agencies until the global conditions improve. We recommend that you reach out to your creditor and ask about any available relief programs.
- Protect Your Identity
Identity theft and fraud can also hurt someone’s credit score. We recommend that you keep all of your financial credentials secure and avoid entering your bank or credit card information on websites that are not approved by your bank. If you lose your card or notice that your account has been compromised, you need to contact your bank or creditor immediately and report the fraud.
In Conclusion…
If you want a customized credit repair plan, get in touch with us! We have a variety of different options that will help you improve your credit, and we can help you reach your credit goals. Check out our home page to learn more about our credit repair process!
