The CARES Act is the Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted on March 27, 2020. It is an over $2 trillion relief package. The CARES Act is to help the American people with the economic impacts of COVID-19.
The CARES Act aims to help:
With so many Americans affected financially by the COVID-19 outbreak the CARES Act is meant to help. Right now, unless you have an emergency fund, credit may be your only option.
Payment history is the largest factor in your credit score. Many people are worrying about what will happen to their credit when they can’t make payments.
Under the CARES Act, creditors must make “accommodations” for people having trouble making payments. This does not mean that you can stop making payments. It means that they must offer you some other type of payment arrangement. You must contact your creditor or lender to make any special arrangements. The arrangements they make with you will vary.
If you made an arrangement with a creditor they cannot report your payments as past due. This is as long as your account was already current. This applies to agreements made between Jan 31, 2020 and 120 days after March 27, 2020 or 120 days after the COVID-19 national emergency ends.
It is important to document all payment arrangements that you make. Be sure that you understand all terms of your agreement. Keep records and notes of every phone call. Get names of people you speak with and write down what time you spoke to them etc. Take screenshots, save emails. Keep track of everything and keep it organized.
Once you have made arrangements, it will be important to keep an eye on your credit report.
The CARES Act was put in place to protect you, and when creditors do not follow the rules, we can help.
We know how devastating credit report errors can be, especially when you are depending on credit to care for your family.
We have over 20 years of experience fighting back against credit reporting agencies and credit report errors.
Francis Mailman Soumilas, P.C. is here for you. Fill out the case review form on this page or call us right now at 1-877-735-8600.
Get free legal help. There is never any out-of-pocket cost to you. We only get paid when we win.
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