The coronavirus pandemic has upended the U.S. economy, sudden job losses and extended lockdown have made Americans across the country worried about their future. As a result, bills may go unpaid, leaving your credit score open to negative movement. So during this time, it’s important to keep a close eye on your credit and all other aspects of your financial life.
Here are some steps you can take now to help keep a good credit score:
Stay Up To Date On Your Credit Reports
It is always important to monitor your credit report on a regular basis. However, it is especially important to stay on top of your credit report during the crisis time. This way, you can identify any potentially fraudulent activity and respond to it before it damages your credit. You should check your credit reports with all three credit bureaus (Experian, TransUnion, and Equifax). You can get a free copy of your credit report every 12 months from each of the three nationwide credit bureaus (available at www.annualcreditreport.com).
If Possible, Pay What You Can
If possible, continue to make on-time payments throughout the COVID-19 situation. We know it may get difficult, try to make at least your minimum debt payments by their due date every month to avoid hurting your credit score.
Contact Your Creditors For Help
If you are unable to make even the minimum payment, contact your lenders and creditors and see if any assistance is available. Before you call your creditor, prepare yourself to discuss the reality of your financial situation, and also need to share how much you can afford to pay. In many cases, the creditors could offer financial assistance to help you survive financially. The creditor may be able to temporarily lower your interest rate or payment amount, or pause your payments for a period of time.
Make A Budget And Plan Ahead
If you think current conditions could impact your income or finances, consider tightening your budget to help make sure you have enough funds to cover your expenses. Making a budget and sticking to it is a sound strategy at any time, but especially when your finances may take an unplanned hit.
Make Use Of Coronavirus Relief Programs & Benefits
You'll find a list of available programs from the government to help raise their visibility and keep you informed like Economic Injury Disaster Loan,Paycheck Protection Program, Express Bridge Loan Pilot Program, Express Bridge Loan Pilot Program. At Cloud Bookkeeping, Inc., we are doing all we can to help you get through this difficult time. While the current situation may cause worry, staying calm, and taking actions to protect your health and financial well-being will help you weather this ongoing health crisis.
Get In Touch With Us For Our Services!
We help you grow your business and get your life back, contact us for 30 mins of free consultation and opt for our Online Bookkeeping Service.
Cloud Bookkeeping, Inc.
3281 E. Guasti Road, Suite 700
Ontario California 91761
Tel: +1 (909) 952-3804