Millions of Americans are having to skip payments on mortgages, auto loans and other bills right now. But help from hardship programs still isn't reaching may people who need it.
Jonathan Baird and his wife, Nichole, say they've had to decide between making their car payment and buying food since she lost her job in the pandemic. His mortgage and auto lenders told him he didn't qualify for help.Jonathan Baird and his wife, Nichole, say they've had to decide between making their car payment and buying food since she lost her job in the pandemic. His mortgage and auto lenders told him he didn't qualify for help.
"My wife has filed, certified every week for her unemployment for 10 weeks now, and they have done nothing," says Jonathan Baird of Bruceton, Tenn."We've struggled."Baird is a disabled veteran who gets a small disability pension. When the pandemic hit, his wife lost her job as a home health aide. That was most of their income. And like many other contract workers, she has run into long delays trying to collect unemployment.
the company said that is not its policy. And after reviewing the case, the company is now letting Baird skip his next car payment, which he says is a big help. "What we're seeing consistently across the board is actually credit scores are moving upward," says Matthew Komos, a vice president at TransUnion. He says that's both on a month-to-month and year-over-year basis.But looking ahead, advocates say people could run into big trouble because the terms of these hardship programs can be all over the map.
Chi Chi Wu with the National Consumer Law Center agrees. Without better protections, when it comes time to make up for the missed payments,"there's going to be a lot of people who could experience massive credit reporting harm," says Wu, an attorney focusing on consumer credit issues. "If we can't keep the lights on because things have seized up, it's not good for anybody," he says."It's not good for the customer; it's not good for the company; it's not good for the economy."
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