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The way the CARES Act Often Helps Protect Your Credit Rating

The way the CARES Act Often Helps Protect Your Credit Rating

The existing COVID-19 crisis has brought more choices to those seeking to protect or boost their credit.

Under normal circumstances you will be eligible to one credit that is free each year from all the three reporting bureaus – Experian, Equifax and Transunion.

The Coronavirus Aid, Relief, and Economic safety Act puts particular demands on organizations providing information regarding your reports to credit rating agencies in an attempt to reduce steadily the harm done to your rating.

You arrange to defer a payment, make a partial payment, forbear a delinquency, modify a loan or any other type of relief you agreed upon if you are no longer able to pay all of your monthly obligations, your first step is to contact your lender and reach an agreement, called an accommodation, in which. After you have this accommodation and, for as long you entered into, lenders need to follow these rules as you meet the terms of the agreement: