Credit repair during the COVID crisis, while more difficult in certain aspects, has provided opportunity for those who are looking to restore their credit.
Positive changes during 2020:
- AnnualCreditReport.com is providing free credit reports WEEKLY through the end of April 2021 as required by the CARES act.
- Collection companies have been more willing to wheel and deal on fear the next administration will hamper their ability to collect as easily.
- Those who have remained employed AND received a stimulus check have more available income, and could work on paying off debt faster.
- Less spending for those who are disciplined.
Negative changes during 2020:
- Slower response time allowed by law due to provisions in the CARES act.
- Higher unemployment and less income.
- Overall stress during the COVID-19 pandemic.
Anecdotally, it appears companies are much slower to respond to CFPB complaints, but most are reporting back that they are achieving similar results as pre-pandemic. Most credit rebuilders are hoping that in 2021 the new administration and congress will work together to make things easier for consumers who will no doubt need assistance.
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