Best Consumer Credit Resources for 2021

With the pandemic in full swing, many around the world have been forced to face life without stable income. The best consumer credit resources for 2021 may not be apparent as of yet. One of the most accessible safety nets for most consumers were to open their wallets and use their high interest credit cards. With approved vaccines and a look ahead to 2021, most of life will begin to get back to normal. Many consumers will be on the hook for debt they acquired during an unprecedented year, and will be in need of help.

The US Government estimates that over 29 million Americans will take on a significant amount of debt in 2020, and while the stock market is rising and many are becoming wealthier, the average American will struggle for many years to overcome this pandemic. Shades of the 2007-2009 economic crash are flashing for some, and bankruptcy reports are ticking up. If you are in this situation, what can you do to avoid a similar fate of millions in 2008? Search for the best consumer credit resources for 2021!

Since 2008, many things have changed including the resources available to consumers. There are dozens of websites like Credit Karma, Nerd Wallet, and Credit Sesame that provide free (if not very accurate) credit scoring but those website don’t really provide a tremendous amount of value to someone trying to regain their footing financially.

For 2021, the following resources should be heavily considered for those looking to rebuild or restore their credit.

MyFico

MyFico is a great resource for those rebuilding their credit. Why the service itself is a bit overpriced and you can obtain credit scores most anywhere these days, the real diamond in the rough here is the forum. This forum is heavily trafficked and has been providing assistance and guidance from consumers like you and I for the past 15 years. For any consumer struggle to recover from the COVID-19 pandemic, this would be a great place to being your journey. There are already threads discussing the pros and cons to many of the programs offered in the CARES act.

Benefits of myFico forums and reasons to utilize:

• Best if you are looking for contact information for collection accounts.
• If you are investigating a starter credit card.
• If you are looking for help from credit rebuilders.

Consumer Federal Protection Bureau

While the CFPB has been less effective in the last four years, there is no reason to believe this will continue as a new administration takes hold. President Joe Biden will pump more money into this agency after it was gutted during the Trump administration. Response times have been slow since 2017 but with promises to add staff, this agency will again be a beacon for consumers needing assistance.

Reasons to use the CFPB:

• If you did not receive the response from a credit reporting agency after a valid dispute.
• If you are not hearing back from credit card companies on goodwill removals of late payments.
• If you have identity theft and finding it difficult to get things removed from your credit report.

These two resources alone will give you plenty of guidance (in the case of myFico) or resolutions (in the case of the CFPB) – Ideally, you will not be in a position to have to use these resources but they really are two of the best to when working on your credit.

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