RICHMOND, Va. (WWBT) - If you’ve extended one of your loans, there’s an important thing you need to do to make sure you keep your credit in good standing.
Under the CARES Act, if you are in a loan extension, that information should not be reported to the credit bureaus.
“So, as long as you have communicated with your loan provider, they’ve provided you documents, you’ve done all the proper paperwork then that late payment or delinquent notice if you’re not paying anything at all, should not be reported,” Cherry Dale said.
Dale is a financial coach with the Virginia Credit Union.
If your account was already in delinquency: Meaning, you were already late on a bill before the coronavirus hit. Unless you’ve brought that up to date, that would still be reported to the credit bureaus. This is important because late payments really affect your credit.
So, you can now check your credit report for free each week at Annual Credit Report’s website.
If you have this extension, make sure it’s not being reported right now.
If it is on your credit report, you can file a dispute and have your credit report updated.
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