 TITLE: How the CARES Act Affects Credit Reports and Scores CONTENT: Credit Reporting and Scores Under the CARES Act\n-----------------------------------------------\nIn response to the unprecedented financial impact of the COVID-19 outbreak, many lenders have developed relief options that give consumers wiggle room if they are unable to make their regular payments. To protect consumers against being reported as delinquent if they utilize these options, the CARES Act calls for creditors to adjust how they report accounts that have been modified.\nThe law requires creditors to report any account that has a payment accommodation applied to it as current to the credit bureaus—as long as the account was current when the accommodation was made. Here are two scenarios you could experience under the CARES Act:\n*   If your **loan is considered current** (not past due) at the time you make an agreement with your creditor to modify repayment, the creditor needs to report to the credit bureaus that you are current on your loan.\n*   If your **loan is considered delinquent** (past due) when you make an agreement with your creditor, your status will continue to show as delinquent until you bring the account back into good standing. Once you bring the account current, the creditor must report your status as current to the credit bureaus.\nAccording to the new law, an \"accommodation\" could be an agreement to make partial payment, to put a loan in forbearance, to modify a loan or to offer any other relief.\nThe CARES Act protections require creditors to follow these guidelines for all agreements made between January 31, 2020, through either July 25, 2020 (120 days after March 27, 2020, when the law was enacted), or 120 days from the date the COVID-19 national emergency is declared over.\nIf you're unsure about your specific arrangement and want to know whether you're protected by these requirements, contact your lender and ask how they plan to report your information to credit bureaus. Make sure you document all your interactions by taking notes and screenshots and saving emails, so if your lender fails to follow through, you'll be prepared to dispute them. END