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How COVID-19 Payment Accommodations Impact Your Credit  

The pandemic has hurt so many people worldwide. Thankfully,in the U.S., you may qualify for relief in making bill payments. This way, you can avoid problems with your credit. However, these programs aren’t automatic. This article will help you get a better idea of how your credit may get affected by these programs. Also, it’ll help you find exceptional merchant services, including a credit repair merchant account.

Forbearance Programs &Credit Repair Merchant Account You Need

To find out if you’re eligible for the mentioned programs, you should, first of all, apply for them. Simply put, these are just agreements between you and the lending company, which allow you to stop making payments for a set period or make lower payments.

Before applying for such program, it’s important to understand what impact your credit may bear. Of course, these aren’t the only way out of the tough situation you’re in. If you need help with merchant services, you should look for a reputable provider in your field.

To get fast and easy access to merchant services, just turn to a respectable merchant processor. Work with a processing company that offers secure and cheap payment processing services, including a credit repair merchant account, to help your business stay afloat.

How Payment Accommodations May Affect Your Credit  

Due to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, creditors must provide “accommodations” to consumers hurt by the COVID-19 outbreak. The Act determines how companies that send data to the credit bureaus should report accounts.

Here’re some key points to bear in mind:

·         If you don’t violate the agreement terms, your account report will show you have a current payment history. There won’t be any damage to your score. Your credit score won’t be hurt as a result as long as you fulfill your obligations as agreed.

·         Did you sign the agreement before the Act? Well, your credit score won’t get affected as long as you’ve entered into the agreement with the lending company. However, if you stop making payments, your credit score will get hurt.

·         Your agreement won’t help you get rid of the already-existing credit problems.

To sum up, the CARES Act won’t hurt your credit score or payment history if you follow the agreement rules. However, this doesn’t mean that the Act will fix your past credit problems. So, take the time to get equipped with the right information before applying for a relief program.

 

Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country that provides the safest and cheapest credit repair merchant account in the space. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.

 

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