Thanks to the economic impact of COVID-19, some people are paying credit card bills and other obligations late. Or even missing them altogether, which can put a major hurt on your credit score.

Coronavirus-related scams are on the rise, and identity theft is a big concern since so many people have been shopping online. The Federal Trade Commission fielded four times more fraud claims in the first few weeks of April than in the previous quarter combined.

We’re all supposed to check our credit reports every four months, through annual free reports from the big three credit bureaus (Equifax, Experian and TransUnion). But for the next nine months, you can check it every week.

Those bureaus have teamed up to provide free weekly reports through AnnualCreditReport.com. It’s a collective response to COVID-19, whose financial upheaval has led to those late/missed payments, and it continues through April 21, 2021.

However, you don’t have to be struggling financially to want to check your credit report. It’s always a good idea to make sure there’s nothing weird on your report – and it’s not always fraud-related. Incorrectly entered info, such as transposed digits in a Social Security number, can lead to errors.

For example, one time when I checked the report seemed to think that I worked at a credit union in the southeastern United States. Nope, that wasn’t me.

Note: A credit report is not the same as your credit score. But this new paradigm offers help with that, too.

 

 

Experian is offering free access to not just your credit report, but also to your FICO score. If you’ve been working to rebuild your credit score following a divorce or after some other kind of economic downturn, then being able to check the score every month or so could encourage you to keep at it.

 

More ways to protect yourself

 

If you’re having trouble making credit card or mortgage payments, you might be able to work things out with your lenders. Some credit card issuers are offering special terms, such as skipping a payment without interest charges or paying a lower minimum amount. Depending on where you live, landlords might not be able to evict you if you can’t pay the rent in full.

Banks and credit unions might be willing to work with you on auto loans or mortgages, or even waive penalties for early CD cash-ins. Federal student loans will remain in “administrative forbearance” through Sept. 30, 2020.

The trick is not to wait until you can’t pay the bills. If you’ve been doing okay but hard times are on the horizon, get in touch with your lenders/card issuers. Find out what your options might be.

Remember: You will eventually owe this money. If you’re able to get unemployment (which is a lot easier to get, and more generous, due to the CARES Act), then get your finances in order and work out a repayment plan. Keep an eye on your credit report, too.

 

Related reading:

• 7 free financial resources
• Free financial planning for those hurt by coronavirus
• Coronavirus: An object lesson