Comments on: What To Do If You Are Laid Off? https://www.financeglobe.com/post/what-to-do-if-you-are-laid-off/ Personal Finance Tips & Tools Sun, 03 May 2020 06:55:29 +0000 hourly 1 https://wordpress.org/?v=6.9 By: Wanderer https://www.financeglobe.com/post/what-to-do-if-you-are-laid-off/#comment-759 Sun, 03 May 2020 06:55:29 +0000 https://www.financeglobe.com/tools/2020/04/30/what-to-do-if-you-are-laid-off/#comment-759 There is an added item that was written up a few days ago in the credit circles. The item has to do with the lender forgiving payments for a couple of month (or a longer time). It has been reported that even though a lender offered and gave a period of non payment grace. Their credit reporting functions internally may still report to the credit bureaus as “late”. Late payments can hit a credit report with a very hard score drop and it stays on the record for seven years.

One needs to be aware it is a possibility and to try to find out how the lender will report. It is one of those operational items that can be overlooked so keep an eye peeled for this activity.

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