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Just received this email from GM Financial. I am wondering if this will be the norm for all creditors to come and how it will affect fico scores.
"For any account that is over 30 days past due from March 1 through April 30, GM Financial will report a “Special Comment Code AW – Affected by Natural or Declared Disaster“ to the credit bureaus. Following our reporting, your credit history will reflect “D“ – no payment history available for these months."
Interesting. It does seem like most lenders/creditors are factoring this in when it comes to repayment.
I hope this doesn't affect credit scores.
This is in line with the CDIA guidelines under FAQ 45. You're going to likely see this across the board during this situation.
I've had that listed on my reports after getting slammed by hurricanes in FL.
Did it have any effect on your credit score?
Nope. Just a comment.
@Anonymous wrote:Just received this email from GM Financial. I am wondering if this will be the norm for all creditors to come and how it will affect fico scores.
"For any account that is over 30 days past due from March 1 through April 30, GM Financial will report a “Special Comment Code AW – Affected by Natural or Declared Disaster“ to the credit bureaus. Following our reporting, your credit history will reflect “D“ – no payment history available for these months."
More than likely it won't affect Fico scores since no lates will be reported during that period.
@Anonymous wrote:Just received this email from GM Financial. I am wondering if this will be the norm for all creditors to come and how it will affect fico scores.
"For any account that is over 30 days past due from March 1 through April 30, GM Financial will report a “Special Comment Code AW – Affected by Natural or Declared Disaster“ to the credit bureaus. Following our reporting, your credit history will reflect “D“ – no payment history available for these months."
Thanks for this post. I was wondering how some companies are going to report deferred payments. This may be how they all handle it. Sounds pretty straight forward.
@pinkandgrey wrote:Interesting. It does seem like most lenders/creditors are factoring this in when it comes to repayment.
One would hope so.