Coronavirus Cash Crisis: Should I Worry About My Credit Score?
The coronavirus pandemic prompted an unprecedented shutdown of the U.S. economy. We asked whether people should worry about their credit score now.
Coronavirus Cash Crisis: Should I worry about any impact to my credit score?
"If you are really in crisis mode and you have no savings and you're really just trying to provide basics, pay your essentials, get groceries, then it's not the time to worry about paying down previous debt. It's not even the time to worry too much about your credit score. It's really the time to just make sure you have what you need to survive," said Kimberly Palmer, a personal finance expert at NerdWallet.
"There are some services that allow you to check your credit score quite regularly, free of charge. I would strongly recommend people avail of those services. ... Some people will default on many of their loans. Some people will default on many of their services," said Arindam Nag, chief executive of Centsai.
"It's still a good idea to get on the phone with each and every lender to confirm what the impact to your credit score is going to be in the long term. Because if you have an agreement and you can make a record of that agreement, then you're more likely to have a proof point, should that lender report you to a credit bureau because of nonpayment," said Stefanie O'Connell Rodriguez, a personal finance author.
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