Released: January 24, 2019
Lender forebearance can save your credit score
Source: Michelle Singletary, Washington Post (Paid Registration)
Lenders are offering a wide variety of help to workers impacted by the partial government shutdown, but one type of assistance in particular can save your credit rating.
If you know you can’t make your loan payments now because of the shutdown, ask your lender for a forbearance, which can apply to any type of loan. Under a forbearance, the debt is not forgiven, but a borrower who is suffering from financial difficulty is allowed to stop making payments.
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