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Score drop for forebearance/remark?

jamaster14
Regular Contributor

Score drop for forebearance/remark?

I logged into Credit Karma today and saw a 13 point drop on my equifax Vantagescore 3.

 

I took advantage of the interest free 3-month forebearance/defferment from navient as part of the pandemic relief.  

 

The remark was:  "Between April 15, 2020 and April 23, 2020 the following remarks were added to this account:

Affected by natural disaster

Student loan - payment deferred"

 

Is this something that will correct once the payments start back up?  will this hurt my FICO scores also?



Message 1 of 5
4 REPLIES 4
AllZero
Super Contributor

Re: Score drop for forebearance/remark?

Pay no attention to VantageScore. This is a FICO site afterall.

 

$1 you can obtain your 3 bureau FICO 8 reports at Experian.com or creditchecktotal.com. Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

Message 2 of 5
jamaster14
Regular Contributor

Re: Score drop for forebearance/remark?

I have all the reports from myfico.  all 3 beareaus and fico scores.  this remark just popped up today on credit karma.  my fear is that it will also effect my fico scores.

 

i agree, vantagescore doesnt matter... but if its a sign my fico will also be affected that is alarming



Message 3 of 5
Cindy_FICO
Administrator

Re: Score drop for forebearance/remark?

The placement and reporting of an account in forbearance or a deferred payment plan or account affected by natural disaster in and of itself does not negatively impact a FICO® Score.  This holds true with all versions of the FICO Scores.

 

Keep in mind, your prior history of payments will continue to be considered in the calculation of your FICO Scores.  So too will other information that your lender regularly updates on the account, such as current balance and payment status.  As such, you may want to also check with your lender on how they intend to report these fields while the account is in forbearance or a deferred payment plan.  For example, does your lender plan to report the payment status of your account as ‘current’ (i.e. ‘paid as agreed’) during the forbearance period?

 

Visit www.ficoscore.com/coronavirus for more information.

Message 4 of 5
jamaster14
Regular Contributor

Re: Score drop for forebearance/remark?


@Cindy_FICO wrote:

The placement and reporting of an account in forbearance or a deferred payment plan or account affected by natural disaster in and of itself does not negatively impact a FICO® Score.  This holds true with all versions of the FICO Scores.

 

Keep in mind, your prior history of payments will continue to be considered in the calculation of your FICO Scores.  So too will other information that your lender regularly updates on the account, such as current balance and payment status.  As such, you may want to also check with your lender on how they intend to report these fields while the account is in forbearance or a deferred payment plan.  For example, does your lender plan to report the payment status of your account as ‘current’ (i.e. ‘paid as agreed’) during the forbearance period?

 

Visit www.ficoscore.com/coronavirus for more information.


im not sure.  its navient if that helps.

 

i have 100% ontime payments across all accounts.  no lates, no collections, no baddies



Message 5 of 5
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