For the overwhelming majority of consumers, this closure will have no effect on your personal credit as most of us do not work for the Federal government and credit related functions are generally managed by private businesses.
You may be impacted, however, if you are in the midst of a securing financing for a home loan. If you are doing a FHA loan, HUD (the U.S. Department of Housing and Urban Development) stated that they will be able to continue processing single family loans during the shutdown. They did share there will be a limited number of FHA staff available to underwrite and approve home loans which will likely affect the speed of the closing process. Your best course of action is to interact directly with your mortgage professional regarding your loan application.
Fannie Mae and Freddie Mac, the government-controlled mortgage companies, shared that their operations would be unaffected by a shutdown.
What if you happen to be one of the ~1 million Federal government workers who have been furloughed?
If the furlough period becomes prolonged such that you think the lack of a steady paycheck will affect your ability to make payments as agreed on your credit obligations, you should reach out to your lenders to make them aware of the situation. Most lenders will want to work with you, perhaps deferring your loan payment, given these unusual and hopefully temporary circumstances. As well, check with your credit union to confirm if they are deferring payments.
Taking these actions may help you maintain the good credit standing you have worked so hard to achieve.
Tom Quinn is the Vice President of Business Development for myFICO® , and has over 20 years of experience working with consumers, regulators and lenders and regarding credit related questions and initiatives.