Operational flexibility, including the soundness and adaptability of a business model in the new environment, is determined by the cost base and the possibility that it can shrink in line with demand. If Im able to defer or lower my monthly payments, will interest continue to accrue during this hardship or relief period? To learn more, go to the Mortgage and housing assistance page. , equifax.com/personal/credit-report-services/free-credit-reports/, updated list of companies and organizations that said they offer free credit scores, Learn more about the relationship between credit reports and credit scores, CARES Act also applies to certain federal student loans, CFPBs step-by-step guide to dispute that information, Credit reporting companies should do more to ensure that servicemembers receive the free credit monitoring services they are legally entitled to, A financial toolkit for victims of hurricanes Fiona and Ian, Herramientas financieras para las vctimas de los huracanes Fiona e Ian, Director Chopras Prepared Remarks on the Interagency Enforcement Policy Statement on Artificial Intelligence, Prepared Statement of James S. Rice before the Committee on Veterans Affairs United States Senate, CFPB Launches Inquiry Into the Business Practices of Data Brokers, Forbear (temporarily stop paying) any delinquent amounts, Receive a suspension for federal student loan payments. Cole, R.A., Gunther, J.W. Yet other customers may have prioritized deferring their bank card or auto loan due to convenience, awareness, or lender-specific policies. The window for Section 4013 modification is open until the earlier of 60 days after the pandemic emergency end date or the end of 2021, with no stated limit to the length of accommodation. In the previous downturn, loan modifications generally followed loan delinquencies, whereas during the COVID-19 recession modifications may have prevented a deterioration in loan quality. A second issue is that quite apart from the COVID-19-crisis dislocations, traditional collections methods (calls, email, letters) are becoming less effective as customer preferences decisively shift toward digital interaction with their banks.
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