Credit scores stable despite pandemic
YUMA, Ariz. (KYMA, KECY) - Since the government passed the CARES Act, it has given people a break on paying bills; therefore, credit scores haven't been affected as anticipated.
Francis Creighton, President, and CEO of The Consumer Data Industry Association say banks have been able to provide help to those having trouble paying bills, while still marking them as current.
Creighton mentioned that student loan payments are the most difficult to gauge because the loans are deferred until the student graduates but were deferred again by the terms of the CARES Act.
The three major credit reporting companies, Experian, TransUnion, and Equifax, have recently updated their policies and allow everyone to check their credit score once per week. Before, it was limited to once per year. However, Creighton emphasizes the importance of monitoring your credit.
"Now is the time to download your credit report," Creighton said. "Take a look at it. See if there are any inaccuracies in there, anything you don't understand because if you see a problem in it and you're applying for a loan then, it's almost too late to go back and try to fix something."
Tune in tonight at 4 p.m. on 13 On Your Side to find out more about how credit scores have been impacted by the pandemic.