null 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!