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New Covid-19 payment reporting?

Brian33064
Member

New Covid-19 payment reporting?

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."

Message 1 of 14
13 REPLIES 13
pinkandgrey
Community Leader
Senior Contributor

Re: New Covid-19 payment reporting?

Interesting. It does seem like most lenders/creditors are factoring this in when it comes to repayment. 

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Message 2 of 14
donkort
Valued Contributor

Re: New Covid-19 payment reporting?

I hope this doesn't affect credit scores.

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Message 3 of 14
dberryhill
Valued Contributor

Re: New Covid-19 payment reporting?

This is in line with the CDIA guidelines under FAQ 45. You're going to likely see this across the board during this situation. 

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Message 4 of 14
FiresOut
Super Contributor

Re: New Covid-19 payment reporting?

I've had that listed on my reports after getting slammed by hurricanes in FL.

Message 5 of 14
Brian33064
Member

Re: New Covid-19 payment reporting?

Did it have any effect on your credit score? 

Message 6 of 14
FiresOut
Super Contributor

Re: New Covid-19 payment reporting?

Nope. Just a comment.

Message 7 of 14
Iusedtolurk
Established Contributor

Re: New Covid-19 payment reporting?


@Brian33064 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.

Message 8 of 14
sassynycgirl
Established Contributor

Re: New Covid-19 payment reporting?


@Brian33064 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. 

Message 9 of 14
M_Smart007
Epic Contributor

Re: New Covid-19 payment reporting?


@pinkandgrey wrote:

Interesting. It does seem like most lenders/creditors are factoring this in when it comes to repayment. 


One would hope so.

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Message 10 of 14
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