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How To Protect Your Credit Score During Covid-19!

Education / By Raquel Robinson

Protecting your credit score during Covid-19  is a must. This pandemic has affected just about everyone all around the world. With unexpected job loss and business shutdowns people are stuck in a financial bind. The economy will eventually open back up and things will slowly start to go back to normal, and the last thing you want is to prolong your financial bind. Credit scores play a huge role on what type of financial access you will have in the future. So how can you protect your credit during Covid-19? The below tips will help you keep your credit on track during this global pandemic.

Check Your Credit Reports

You always want to know what is going on and what’s being reported on your credit report. Due to the global pandemic Experian, Transunion, and Equifax are providing you access to your credit reports weekly for free. You can access your weekly free credit reports through April 2021 by going to

Pay Your Bills On Time Payment history accounts for the biggest category in the credit scoring algorithm. Late payments can affect your credit history for up to seven years, and 1 late payment can drop your score 50-100 points. You want to try your best to make at least the minimum payment each month. This helps you avoid late fees while helping you to maintain a good payment history. If you are having trouble making your payments you absolutely must contact your lenders. Due to the global pandemic there has been protections put in place to help you protect your credit. Some are willing to provide loan extensions, interest rates reduction, and forbearances. Don’t forget to document your request or ask for written confirmation for any agreements you have made. 

Know Your Protections

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is a law that has been put into place to protect your credit during Covid-19. The CARES ACT gives you the ability to contact your lenders to ask for an accommodation via verbal attestation, and your creditors will report your account in good standing as long as you were in a current status when you applied for the accommodation. If you are already delinquent you can still receive an accommodation, however your creditors are allowed to continue to report your current status, so try to request the accommodation prior to becoming delinquent. This applies to any account that is reporting to your credit report, so your car loan, credit cards, mortgage, and personal loans can all receive an accommodation by simply contacting your lender and verbally telling them you have been affected by Covid-19, and per the CARES Act no documentation is needed.   Federally backed mortgages are giving you the ability to pause your mortgage payments up to 12 months. The CARES Act protects any accommodation made between January 31st 2020 and 120 days after Covid-19 is no longer considered a national emergency.  Following these tips will make sure your credit is protected during this global pandemic.  At Royal Financial Services, we offer you the Royal Treatment Credit Repair Service. To schedule a call with one of our experienced credit specialists go to our page and book an appointment. Website: Facebook: @royalfinancialservice IG: @royalfinancialservices

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