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Rebound: Credit Scores

Check your credit score every week for free
Posted at 5:30 PM, May 21, 2020
and last updated 2020-05-21 19:45:09-04

As our country works to rebound, many challenges lie ahead.

To help make ends meet, we want to help you protect the one thing that will help make rebounding a little easier - your credit score.

One thing that will help is knowing where you stand with that score.

The three major credit reporting agencies are now letting you check your credit report every week for free. Typically, you can only check those once a year for free. That change is in effect through April of next year at annualcreditreport.com.

If you're on a forbearance program or with your mortgage lender or credit card payment deferment. Your account should not show that you have fallen behind or missed payments. It should show the accurate status of the account.

But keep in mind, if you were already past due when you entered the deferment program, that will still show up.

Another way to protect your credit score is to continue making payments that you have - on time, if you can. A big part of that is determined by how you manage your accounts.

Some credit cards are decreasing their limits. If you have multiple credit card accounts and some of them aren't being used, you can divide that balance up across different lines of credit.

That will give you a more evenly dispersed debt ratio. It also reduces the risk of your credit limit lowering having a negative impact on your credit score.

The best advice, though, is to contact your creditor and try and find a solution if you're having a hard time making those payments.

The National Foundation for Credit Counseling is a free resource if you need help with any of this.

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