FICO Score Tips after Disasters

FICO is always crystal clear when it comes to what affects your FICO® Score. Financial literacy and transparency are hallmarks of our success in enabling safe and affordable lending around the world.

Every year, there is a featured blog reassuring consumers that incidents out of your control like natural disasters or governmental actions such as the most recent shut-down are not reflected in your credit reporting agency data and don’t affect the calculation of the score.

Unfortunately, events out of your control like natural disasters may lead to unintended results and actions that may hurt your credit and impact your long-term recovery.

We created this guide to assist people in thinking in advance about how a disaster could impact their credit, which ironically could also be a lifeline to a smooth recovery. Here is a sneak peek into the guide:

To Prepare for a Natural Disaster:

  1. Be in the know about your current credit status.
  2. Assess where you are financially
  3. Consider automatic payments for your priorities.
  4. Do you have overdraft protection?
  5. Investigate your credit card over limit rules or protection programs.

To Recover from a Natural Disaster:

  1. Before payments are due, start making calls to alert your creditors.
  2. Ask your creditors about your options.
  3. Time to reprioritize your expenses.
  4. Request a copy of your credit report as soon as feasible.
  5. Consider a credit monitoring or identity theft protection service.

Get the full details and download the guide here.

With a plan in place, you can focus on immediate and basic needs in keeping you and your family safe and healthy.

Written by Christine Medeiros of FICO

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