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LOW AVERAGE FICO SCORES SPELLS ECONOMIC DISTASTER:
Record setting national unemployment due to the government controller's destroying the job base, tens of millions of workers found themselves without income. As you know, this caused multiple late payments, missed rent, mortgage, and car loan payments. Over time this has resulted in FICO scores dropping hundreds of points for millions of Americans.
WHAT YOU CAN DO ABOUT THIS:
Get your credit cleaned up as soon as possible and challenge each late payment. Clean erroneous entries and errors that are being reported.
I feel that if the government does not force the bureaus to delete late payments that occurred during the pandemic, mostly everyone will not be able to purchase on credit after jobs are restored back to the pre-pandemic level. It does not take a Doctor of economics to understand that our economy lives or dies by the availability of credit. The loosing of available credit would be in vain if consumer's credit score are below creditors threshold of acceptance. Not being able to purchase on credit will destroy the American economy before it gets started again. The ONLY way to put this economy back to health is to influx cash to the American people. But without allowing people to borrow money for homes, cars and large purchases the economy will be doomed before it restarts. The government has no choice but to force the bureau's to forgive unavoidable negative impacts caused by conditions beyond the debtors control during the pandemic. Don't feel it is a helpless cause; act now.
WHY ACT NOW?
Now is the time to remove all non-pandemic entries on your credit bureaus. Then when the negative remarks are forced off your records, your score will skyrocket.
DON'T MAX OUT YOUR CREDIT CARDS:
I know it's hard in times of financial stress but rather that put food on a credit card it is best to borrow from a friend or anyone that does not report the debt to the bureaus.