Covid-19 and credit repair

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Free credit reports

Experian, TransUnion, and Equifax are offering access to a free credit report weekly for the remainder of 2022. Take advantage of this offer and check your reports for errors — if there are any, dispute them or consider hiring a credit repair company to do it for you.

Credit reporting errors during COVID-19

If you enrolled in a deferral program during the COVID-19 pandemic, it’s important to look out for erroneous “late payments” on your credit report. Loan, mortgage or credit card payments shouldn’t be marked as late if your lender agreed to temporarily suspend them.

Contact your lender right away if you notice deferred payments are being incorrectly labeled as late on your report. If your lender doesn’t resolve the issue, contact the credit reporting agencies to begin a dispute process.

CARES Act protections

If you obtained a forbearance on a federally backed loan during the pandemic, these are some things to remember:

  • Forbearance, payment deferrals or pauses will not show up on your credit report and will not bring down your credit score.
  • Student loans are eligible for suspensions on loan payments, collections, defaults, and interest rates are set to zero until at least August 31, 2022.

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