Taking a payment deferral shouldn’t impact your credit score, however there is a risk that the lender may incorrectly report it as a missed payment. Payment history makes up 35% of a typical credit score, which could mean a significant hit on your credit score if not flagged.
Borrowell has recently introduced a new feature that allows you to check whether the financial institution has reported your payment deferral correctly right on your payment calendar. It’s easy and free.
Borrowell offers free access to your Equifax credit report, so you can always keep an eye on what’s happening with your credit health anytime. This can be important when you’re going through major life events or making adjustments to your finances. If you aren’t already a member, take a few minutes and sign up. Your credit score gets updated on a weekly basis, and checking your score it won’t impact.
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If you are using the Borrowell Mobile App
Lenders are currently managing unprecedented volumes of deferrals to Equifax. Reporting is typically done monthly, so it can take some time to show on your calendar.
If you see your payment reported as missed or late, you should contact your lender immediately.
In the event that your deferral has been incorrectly reported to the credit bureau, you will need to file a dispute.
Monitoring your credit health is an important part of feeling in control and confident with your finances. If you are struggling to manage debt, there are lots of great tools and resources available to help you understand your options and make more informed choices when it comes to your finances.
Borrowell® is a registered trademark of Borrowell Inc. All Rights Reserved. The Equifax credit score is based on Equifax’s proprietary model and may not be the same score used by third parties to determine your credit profile. The score provided to you for educational use is the Equifax Risk Score.
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