Many creditors are being pretty generous right now in the wake of economic hardship due to the coronavirus pandemic, but credit industry analyst Ted Rossman of CreditCards.com explained to KCBS Radio that in both cases customers can’t rely on a break, they have to ask for it.
“Really the only thing that is on hold without any action on your part are federal student loan payments,” he said. “Those are suspended until September.”
If someone is finding it difficult to pay the mortgage, credit cards or utilities, Rossman said customers have to make contact with the companies. Fortunately, checking a credit score has never been easier.
“AnnualCreditReport.com, which is authorized by the federal government, is giving free credit reports every week now through April, which is a big change,” he said. “You used to only get one per year, per Bureau.”
The federal government has direct lenders to give consumers a break on some monthly bills during the COVID-19 outbreak, but the quickest way to get in credit trouble is to take things for granted.