Maintain Good Credit: Tips & Strategies for Economic Uncertainty

• During an economic downturn, there are some best practices to follow to keep a good credit standing.
• Budgeting and making credit card payments can help to avoid taking on more debt.
• Adding a 100-word Consumer Statement to your credit reports helps explain negative account information and the outcome of a dispute.

Keep reading to learn what you can do to keep your credit in good standing.

• Ask for help. If you are unable to make even the minimum payment, contact your lenders and creditors and see if any assistance is available.
• If possible, pay what you can. Try to avoid late payments. And, try to make at least the minimum payment on accounts, or pay any amount you and the lender or creditor agree upon.
• Stay up to date on your credit reports. You can get free Equifax credit reports by creating a myEquifax account. You can also get your credit reports from each of the three nationwide credit bureaus at annualcreditreport.com.
• Consider adding a Consumer Statement to your credit reports. The 100-word Consumer Statement can explain a disagreement with the outcome of a dispute investigation or provide additional information about items on your credit reports.

We will update this page if we learn of new relief programs that become available.

If you're out of work or financially struggling, contact your lenders and creditors to explain your situation and see if any accommodations can be made. It's possible that lenders and creditors may have special assistance available to reduce the risk of impacting your credit standing. Some creditors may waive late fees or offer short-term loans, and some may provide the opportunity to make reduced payments, interest-only payments, or no payments for some period of time -- a practice known as forbearance. Keep in mind, however, that accounts in forbearance can still be reported as late or missed payments by lenders and creditors to the three nationwide credit bureaus.