How the CARES Act May Affect Your Credit Scoreby Steve B. Spokesperson for FaaastCash
Coronavirus Aid, Relief, and Economic Security Act (CARES). The biggest impact is that the CARES Act provides consumer credit reporting agencies with guidelines to follow, the guidelines are trying to limit the long-term effects suffered by those in financial difficulty.
By providing protection, the Act can keep negative reports from showing on one’s credit report if your finances are affected by the pandemic without any damaging impact on your credit score. Most people are eligible for CARES Act credit protection if they have an account with a creditor that reports their information to the major credit bureaus.
Your credit score in future won’t be affected if there is an agreement with the creditor. The CARES Act does not address previous debts or late payments.
Created on Jun 17th 2020 10:12. Viewed 119 times.