Managing your credit during the COVID-19 (Coronavirus) pandemic
The COVID-19 pandemic has had an immense impact on people around the globe, affecting not only personal health, but also social interaction, livelihood, and financial well-being.
At Innovis, we want to make you aware of what the credit reporting industry and the larger financial services community are doing to help ease the potential hardship and adverse effects on your credit during these difficult times. Please see the guidance and resources below, and feel free to contact Innovis if we can be of service to you.
What Should You Do?Be Proactive
- Contact your creditors if you are unable to keep up with your payments (before the due dates if possible). Explain your situation and ask for additional time or other payment accommodations. Given the scope of the pandemic, many creditors are offering payment relief. You can find creditor contact information on your credit report or on a recent bill.
- Check your credit report early and often. Order your free Innovis Credit Report here. You can dispute information you believe to be inaccurate, incomplete, or potentially fraudulent directly with your creditors. You may also initiate a dispute with Innovis.
- Visit the resources below to familiarize yourself with the CARES Act and view other helpful information provided by regulators and members of the financial services community. Many creditors are offering forms of relief to mitigate the negative financial effects of the COVID-19 pandemic. Arming yourself with an understanding of the programs and assistance available can give you peace of mind and prepare you for discussions with your creditors.
- Be on the lookout for scams by opportunistic fraudsters trying to steal money or personal information from unwitting consumers. See these scam avoidance tips from the Federal Trade Commission (FTC). If you’re concerned about identity theft or someone gaining access to your credit report without your permission, consider placing a security freeze on your Innovis Credit Report.
Make a point to regularly check these resources for the latest information on this evolving situation.
- The Consumer Financial Protection Bureau (CFPB) is a government agency that regulates the offering and provision of consumer financial products or services. The CFPB has created a COVID-19 resources page to help consumers protect their finances during the COVID-19 pandemic.
- The Consumer Data Information Association (CDIA) represents consumer data industry participants, like credit reporting agencies. The CDIA has provided this special guidance to creditors to assure compliance with the CARES Act and adjust reporting practices to keep payment accommodations from negatively affecting credit scores.
- The Federal Trade Commission (FTC) is charged with protecting consumers in the marketplace. See the FTC Coronavirus Information Page for COVID-19 specific guidance and support resources.