HOUSTON – A lot of people are deferring loan payments and mortgage payments during the pandemic. The federal government has told lenders not to report these consumers as delinquent or past due. Still, you should check your credit report and score to make sure these deferments are not being reported negatively.
If you find an error on your report, you should send a written dispute to each credit-reporting company publishing incorrect information and the lender. File it on company websites or send the dispute by certified mail. The Consumer Financial Protection Bureau publishes a sample letter.
The credit-reporting companies must normally respond within 30 days, but the CFPB says it will give them more time if needed right now.