CFPB provides tips to handle coronavirus impact, how to proceed with financial obligations
Amid concerns about the financial impact of the coronavirus outbreak, the CFPB published a blog post Monday detailing how consumers can best protect themselves.
The bureau addresses steps consumers may take if they are unable to meet financial obligations, including:
- contacting lenders and loan servicers and preparing to explain how much you can afford to pay, and when you’re likely to be able to start regular payments;
- working with Department of Housing and Urban Development-approved housing counselors or reputable credit counseling organizations to understand options available;
- contacting debt collectors if you currently have debt in collections; and
- regularly checking credit reports to ensure the statements are accurate.
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