A Quick Guide to Managing Your Credit in 2020
Due to changes in today’s economy, you may have some concerns about the state of your personal finances and credit. It’s important for you to monitor your credit history and take advantage of financial resources that may be available to you.
Here are some steps you can take to keep your credit history on track:
- Check your credit report.
Monitoring your credit report is important to ensuring your credit history is accurate. You can get a free copy of your credit report from each of the three major credit reporting bureaus—Equifax, Experian and TransUnion—at AnnualCreditReport.com. If there are errors found on your credit report, disputing them may help improve your credit. - Pay your bills on time, if possible.
While everyone is in different situations, making on-time payments is one of the most effective ways to manage your credit. Even if you can only pay the minimum balance, do your best to stay on top of your monthly payments. - Contact your creditors and service providers.
If you are having trouble making bill payments, you should contact your creditors and service providers (i.e. utilities, cable, Internet, phone, etc.) immediately. Many finance companies and service providers have put in place policies to reflect the current extenuating circumstances and help customers experiencing financial hardship. - Seek financial assistance, if necessary.
Many states have expanded their unemployment claims policies to accommodate individuals and businesses that have been financially impacted. Visit https://www.usa.gov/unemployment to learn more about receiving unemployment benefits. - Create a budget and savings plan.
If you believe current conditions might impact your livelihood, creating a budget and savings plan can help you stay on track with your finances. - Pick up a side hustle.
Making some extra cash may also help with managing your finances during these unprecedented times. These companies have announced they are hiring part-time and full-time employees.
If your credit is impacted and you need auto financing to purchase a vehicle, Credit Acceptance can help. Simply fill out this short form on our website and we’ll connect you with an enrolled car dealer that can help you start your credit approval today!
