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What Is DEFERMENT PLAN and How Does It Work?

Due to the current pandemic, many lenders and creditors have begun offering deferment plans to borrows to "ease" the financial stress. Before considering ANY deferment plan it is important to understand how any forbearance or deferments can affect your overall credit because everything does come at a price. Don't agree to any deferment plans without knowing its overall effect on you. 

Ask the right questions & get the right information

According to the FCRA, The cares act allows lenders as well as banking institutions to make certain accommodations on whether or not to report deferments but it is solely up to the lender's discretion. Make sure you contact your creditors or lenders and confirm whether your adjusted deferment will continue to be reported to the credit bureau. Every creditor will go about forgiving payments and reporting to the bureau differently so that's why you should really take the time to call each creditor before committing to any adjusted plan. 
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