The coronavirus pandemic is causing a variety of problems for Americans. Beyond the health implications, unemployment is soaring, credit card debt is rising, and missed payments are becoming a reality for millions. Also, scammers are looking to capitalize on the confusion, potentially fleecing consumers of their hard-earned savings. To help ease some of the worries, the major credit bureaus are providing free credit reports for the rest of 2020.
One Free Credit Report, Per Bureau, Per Week, Per Year
The three major credit bureaus are now offering free access to credit reports for the rest of the year. Equifax, Experian, and TransUnion are all giving Americans one free credit report per week, for the rest of 2020. Typically, consumers have access to one credit report from each of the major bureaus every year. The unprecedented impact of the coronavirus, however, continues to cause havoc with finances, leading to this latest development.
Financial Impact of COVID-19
A record number of Americans are finding themselves out of work, causing an over-reliance on credit cards. This reliance, however, comes as lenders are dramatically cutting credit limits – or closing accounts entirely.
While many banks are offering payment relief for consumers, many are still facing the prospect of missed payments. Missing even one payment has a significant impact on a credit score. This event can potentially damage credit scores and result in application rejections, higher interest, and other financial issues in the future.
Using Credit Monitoring for Blanket Security
Because of the impact the coronavirus is having on the economy, the offer of a free credit report every week is almost too good to pass up. Using these reports in conjuncture with a monitoring service, such as MyFICO or TransUnion, lets Americans act on any issues they may encounter in their credit report or credit score. These services also provide a wealth of information to help maintain their credit score and keep their reports secure.
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