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Protect Your Score

Protect Your Score

How to maintain a good credit score during the coronavirus outbreak

Maintaining a good credit score can be stressful. Add something like the coronavirus to the mix and things get even harder. Don’t let this pandemic ruin that score that you worked so hard to obtain. Here are some tips for keeping that score high even as Covid-19 changes everything around us.

Check your Reports

Many financial institutions offer free unlimited credit report access. If you dont have access to your report through your financial institution the three major credit bureaus — Equifax, Experian and TransUnion — are all offering free, weekly credit reports for the next year. Just as before the coronavirus, check your credit report often. If there are any false claims, report them immediately through the bureau.

Reach Out

If you’re having trouble making timely payments (an important part of keeping a high score) contact the companies and ask for leniency. Many lenders and other companies are providing financial help to people negatively impacted by the virus.

Pay Debt if Possible

If you’re currently financially stable and carrying debt, pay it down right away. The reason? You don’t know what the future holds and the coronavirus makes things even more uncertain. Pay close attention to your debt now so that if things do take a turn for the worse, your debt will be manageable and your credit score will be in good standing.

Vermont Federal Credit Union is a $900 million-plus full-service, not-for-profit, cooperative financial institution that has served Vermonters for more than 70 years, with eight locations currently serving over 50,000 members. Members are part of a cooperative, meaning they share ownership in the Credit Union and elect a volunteer board of directors. Vermont Federal Credit Union provides membership to anyone who lives, works, worships, or attends school in all of Vermont. Vermont Federal Credit Union is committed to supporting its communities and helping Vermonters prosper, no matter where they may be on life’s journey. Learn more about Vermont Federal Credit Union. 

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