Coronavirus (COVID-19) Financial Resources

May 14, 2020 | by CreditRepair.com

coronavirus

With everything changing so frequently in response to the COVID-19 outbreak, it’s hard to stay up-to-date with new developments, let alone find answers to your questions. To make things a little easier for you, we’ve created a guide to help you find answers to current financial questions. We’ll continue to update and add to this page as the situation changes in the future.

Do I Qualify for Any Relief Programs?

Learn about unemployment, forbearance on student loans, relief for mortgage payments and other forms of financial assistance.

Unemployment

How Unemployment Affects Your Credit: While filing for unemployment insurance does not have a direct impact on your credit score, late payments or other financial hardships caused by unemployment can.

Student Loans

Student Loan Consolidation: Is student loan consolidation the best option for you? We’ll walk you through the pros and cons.

Refinancing Student Loans: Refinancing your student loans can lead to lower interest rates, which may help you pay off your loans faster.

Federal v. Private Student Loans: Federal and private student loans are paid back differently—here’s how you can tell what type of loan you have, and information on payment options for both types.

Forbearance v. Deferment: Learn the differences between forbearance or a deferment on your student loan, and what relief you can expect from the CARES Act.

Mortgage Relief

What Is an FHA Loan?: The CARES Act provides mortgage relief to federally subsidized mortgages, including FHA loans. Find out more about what FHA loans are, and if you currently have one.

What Can I Negotiate with My Bank, Lender or Creditor?

While you’re facing financial difficulty, it’s important to know what help you can (and should) ask for from your lenders.

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How to Dispute a Credit Report: If you find an inaccurate negative item on your credit report that’s dragging down your score, here are steps you can take to work towards getting inaccurate information removed.

What Can I Do to Protect Myself Financially?

If you’re worried about protecting your finances over the next few weeks, here are some ways you can tighten your budget and keep an eye on your debt.

How to Best Protect Your Finances During COVID-19: Although it’s difficult to predict what the next few weeks will be like, you can proactively budget, protect your savings and pay your bills.

Using an Emergency Credit Card: Here are some ways you can use your emergency credit card to make ends meet without building a mountain of debt. Though, options other than adding any more debt, should be considered first.

Credit Cards for Emergencies: Using a credit card during an emergency can be risky—if you’re not careful, it might get you in even more financial trouble. Here are some tips for strategically using a credit card during a financial emergency.

What Can I Do If I’m Facing a Financial Emergency?

If you’re facing a serious financial emergency, such as bankruptcy or foreclosure, here’s some information about these situations, to help you understand some options and how they may affect you in the long term.

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Credit Protections in the CARES Act: The 2020 CARES Act provides credit protections for consumers to help them financially survive the COVID-19 outbreak. Here’s what you need to know, from credit reporting changes to credit accommodations and more.

What Happens When I Don’t Pay My Credit Card Bill? : When you can’t pay a credit card bill, it may feel like the end of your good credit score. Here’s what happens when you don’t pay your credit card bill and how you can avoid the worst of the potential consequences.

Alternatives to Bankruptcy: If you’re facing bankruptcy, there may be other options available to you that can at least buy you more time to fix your finances. (As always, we recommend that if you’re facing bankruptcy, you reach out for legal help.)

Consolidate Debt: Tracking multiple payments can be difficult. A debt consolidation loan could be a good option for getting a better handle on your finances.

Handling Credit Card Bills During an Emergency: If you’re dealing with a financial emergency and are no longer able to make the minimum monthly payments on your credit cards, here are some ways you can handle your debt and help to better protect your credit score.

Is Now a Good Time to Sell My House?: The COVID-19 pandemic has had an effect on the real estate industry—but it’s not all bad news. Find out if now is a good time to sell your house, and what you can expect.

How to Get Out of Tax Debt: If after filing your taxes you end up with tax debt, you need to know what your options are for dealing with it. Here are ways you can manage payments and settle your debt.

Information About Stimulus Checks and Government Aid

Here are links to other websites that can help you track federal aid efforts, connect you to your state’s unemployment resources and manage your credit.

The CARES Act: Although it’s dense, you can read through the full CARES Act to understand more about the provisions available to you.

IRS Stimulus Check Tracker: Track where your stimulus check is and when you can anticipate its arrival.

State-Specific Unemployment Insurance Information: Although the CARES Act provides additional unemployment relief, unemployment insurance qualifications are determined at the state level. This website will help you find state-specific information, and give you resources to help answer unemployment insurance questions you may have.

AnnualCreditReport.com: You qualify for a free credit report from each of the main credit bureaus—Experian, TransUnion and Equifax—every 12 months. You can securely receive a free copy of your credit report through annualcreditreport.com.

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