WASHINGTON—Amid concerns about the financial impact of the coronavirus outbreak, the CFPB is detailing how consumers can best protect themselves.
According to the CFPB, the steps consumers may take if they are unable to meet financial obligations, include:
- Contacting lenders and loan servicers and preparing to explain how much someone can afford to pay, and when they’re likely to be able to start regular payments
- Working with Department of Housing and Urban Development-approved housing counselors or reputable credit counseling organizations to understand options available
- Contacting debt collectors for those who currently have debt in collections
- Regularly checking credit reports to ensure the statements are accurate
The CFPB also provides information on what to do if someone loses their income, suggesting that consumers look into their state’s unemployment policies.