 TITLE: Should I Add a Consumer Statement to My Credit Report Due to COVID-19? CONTENT: Is Adding a Consumer Statement Helpful During a Crisis?\n-------------------------------------------------------\nThe purpose of adding a consumer statement to a credit report is to provide additional context about an item on your report. Such a statement could show potential lenders that negative items on your reports are due to circumstances beyond your control, such as being laid off due to the COVID-19 pandemic, and don't necessarily reflect poor credit habits.\nWhen lenders access your credit reports, they have the ability to see and read the statement you've added there. To the extent they find the information informative and helpful, they may consider the content of the statement in their underwriting process.\nOnce the credit report item addressed in your consumer statement eventually drops off your report, the statement should be removed as well since it no longer applies. A statement that needlessly informs a lender of a mark against you will only be doing you a disservice.\nIt's also important to understand that consumer statements do not directly affect credit scores. Lenders may take the statements into consideration, but the statements are not included in credit score calculations. END