Color of Money

You should check your credit reports to be sure any pause in payments is being correctly reported. Because of the coronavirus, the three major credit bureaus — Equifax, Experian, and TransUnion — are offering free weekly online credit reports

through April 2021. Go to annualcreditreport.com to request the reports.

The Cares Act does not provide credit-reporting protections for credit card, auto or personal loans or delinquent medical bills.

“Here we are in the middle of a pandemic and there is nothing in the law to help people keep medical debt off their credit reports,” Wu said.

House Democrats have passed a $3 trillion stimulus package, the Health

and Economic Recovery Omnibus Emergency Solutions (Heroes) Act, which would extend credit-reporting protections under the Cares Act.

Under the Heroes Act, negative credit reporting would be suspended during the national COVID-19 emergency and for an additional four months afterward. It would ban the reporting of medical debt as a result of COVID-19 treatments, Wu pointed out.

For now, though, don’t

count on the Heroes Act clearing Congress anytime soon. Democrats and Republicans are not in accord about the proposal. So, negotiate as best you can to pause whatever payments you can. The way credit scoring works, delinquencies have less impact over time, and paying on bills on time once your income stabilizes is the No. 1 way to improve your credit history.

“Lenders have hardship programs that can protect your credit score,” said Ted

Rossman, industry analyst, CreditCards.com. “It won’t hurt if you have permission to pay late, to pay less, or to pay nothing at all for a time. But that’s the key. You need the lender’s permission first.”

Tough times mean you have to make hard choices. Typical financial advice may not apply.

Readers can write to Michelle Singletary c/o The Washington Post, 1301 K St., N.W., Washington, D.C.

20071. Her email address is michelle.singletary@ washpost.com. Follow her on Twitter (@SingletaryM) or Facebook (www.facebook. com/MichelleSingletary). Comments and questions are welcome, but due to the volume of mail, personal responses may not be possible. Please also note comments or questions may be used in a future column, with the writer’s name, unless a specific request to do otherwise is indicated.