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COVID-19 and credit repair: What you should know

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided consumers with some debt and credit relief measures.

While original creditors and debt collectors can still report negative items, lenders have put some measures in place to help consumers avoid delays in their payments. These include:

• Payment plans

• Mortgage forbearance

• Deferred payments

• Loan modifications

• Reduced interest rates

• Loan extensions

• Waiving late fees

You must apply for one of these directly with your lender and, if accepted, your accounts won’t reflect any new negative information.

Additionally, as we said above, at least until April 20, 2022, Experian, Equifax and TransUnion will offer free weekly reports through AnnualCreditReport.com, which can help you monitor and protect your personal finances throughout the pandemic