Call Customer Service

To start with your requests to defer any type of payment, you’ll want to start with your statement, find the customer service number and call. Tell them about your circumstances and ask to defer. Write down all of the detail of your call and save them to document the conversation. The worst feeling is a company telling you that they don’t have notes from a conversation you had. Make and keep your notes and be sure to get the representatives name.

You will want to make note of:

• The business name and phone number
• Date and time of the call
• The representatives name you spoke to and anyone else during that call
• What was said
• The conclusion of the call, and
• Confirmation or approval of the request (maybe they offer a call number or confirmation email)

Don’t Stop Paying

Don’t stop paying until you’ve made the call and you have confirmation that they approve your deferment. You don’t want nonpayment to affect your credit score or create late fees. Nonpayment can also increase your APR (Annual Percentage Rate). It’s best to pay the minimum fee until you can call to request a deferment.

What Are the Three National Credit Bureaus Doing to Help?

U.S. News reports, “The major credit bureaus, Experian, Equifax and TransUnion, are taking steps to help consumers weather the coronavirus storm.

Lenders must notify the bureaus if a customer has been placed in a special program, such as a forbearance or deferred payment plan, states a March 2020 report by the Consumer Data Industry Association. The notifications ensure that these programs will not hurt consumers’ credit reports, according to the association, which counts credit bureaus as members.

Both FICO and VantageScore have publicly stated that people in forbearance or deferred payment plans will not see their credit scores suffer as a result. Still, check your credit report from each credit bureau, which you can do for free at AnnualCreditReport.com and elsewhere.”

Deferment can you give you the breathing room you need to weather hard times and give you space to start planning your next career move.

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