As the pandemic continues to shape the ways lenders and servicers do business, it’s important to know how to stay in compliance with FCRA regulations, as well as the impacts of the CARES Act on these regulations. A major part of these new regulations is the use of forbearance codes on a consumer’s credit report. Here’s a few tips that can help mortgage servicers and originators navigate the use of these codes:

The number of issues to contend with during these unprecedented times might feel exhausting. It’s important to recognize that you aren’t in this alone though, and that there are a number of resources available to help consumers with credit reporting questions or concerns resulting from the COVID-19 Pandemic. Here are 4 ways you can stay smart with your credit during these unforeseen circumstances:

As COVID-19 has forced many borrowers into dire situations, lenders continue to offer forbearance on mortgages. However, the expectations for repayment have become murky, due to misconceptions by consumers and mortgage servicers. One of these misconceptions is the belief that all missed payments must be repaid after the forbearance period ends.