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COVID-19 (Coronavirus) Credit Card and Debt Relief

As the world continues to cope with the impacts of the COVID-19 crisis, government officials throughout the U.S. have taken important steps to curb the spread of the virus. At the same time, many businesses, financial institutions and government entities are stepping up to provide some relief to those who are worried about their financial security.

Lenders that report data to credit bureaus as required by the Coronavirus Aid, Relief and Economic Security (CARES) Act will not cause consumer credit scores to go down. Experian supports the CARES Act and is urging all consumers who are in financial distress as a result of COVID-19 to contact their lenders and reach an accommodation.

To help you navigate the relief options currently available in the U.S., we've compiled the following list of financial and non-financial institutions' websites where you can find more information on relief measures. This page will be updated as more resources become available.

Financial Institutions

At the onset of the COVID-19 crisis, the Federal Deposit Insurance Corporation (FDIC) recommended that financial institutions work with consumers to help them cope with any financial hardship resulting from the pandemic. Since then, many institutions have announced options for impacted consumers, including the possibility of lowered monthly payments, relief from late fees, temporarily lower interest rates and more.

The following is a list of financial institutions providing specific guidance on how they are handling COVID-19. If you have a creditor not listed here, consider contacting them directly to see if they are offering any relief to consumers impacted during this time.

Banks and Credit Card Issuers

American Express
Apple Card from Goldman Sachs
Bank of America
Capital One
CBC Federal Credit Union
Chase
Citibank
Citizens Bank
Deserve
Discover
Fifth Third Bank
Gesa Credit Union
Merrick Bank
Navy Federal Credit Union
ORLN Federal Credit Union
Suntrust/Lightstream
US Bank
USAA
Wells Fargo

Mortgage and Personal Loan Lenders

Avant
Best Egg
Earnest
Eloan
Fannie Mae
Freddie Mac
HSBC
Laurel Road
Lending Club
LendUp
Marcus by Goldman Sachs
Mariner Finance
NetCredit
OneMain Financial
Oportun
Opploans
Payoff
Personify
PNC
Regional Finance
Regions
Rise
Santander
SoFi
TD
U.S. Bank

Student Loans

Common Bond
Great Lakes Student Loans
MyFedLoan
Navient
SoFi

Service Providers

In addition to financial institutions, many service providers have also taken steps to help consumers impacted by COVID-19. Some of these providers are offering payment relief, waiving fees and extending certain services.

If you don't see your service provider below, visit your provider's website or contact them directly to see if they have any relief options for which you're eligible. You can also contact your utility companies, as many large U.S. servicers have new policies aimed at helping consumers during this time.

Cable, Phone and Internet

AT&T
Cox
Spectrum
Sprint Wireless
T-Mobile
Verizon
Xfinity

Government Resources

In response to the economic effects of COVID-19, many federal, state and local governments have announced new policies and guidance around how they plan to help consumers and business owners manage any financial strain. These include guidance on making housing payments, paying taxes, repaying government issued loans and more.

Additionally, the CARES Act expanded unemployment benefits; funded one-time stimulus payments; modified certain credit reporting; and provided other relief for consumers and businesses impacted by COVID-19.

The following are some of the COVID-19 resource pages from government agencies explaining how they are working to help impacted consumers. In addition to these resources, check with your local and state governments to see if they are offering any additional relief.

  • Consumer Financial Protection Bureau (CFPB) : The CFPB is a government agency that works in the interest of consumers' finances. In response to COVID-19, it is providing education and guidance for consumers whose finances may have been impacted.
  • Federal Communications Commission (FCC) : The FCC regulates communication (radio, television, wire, satellite and cable) and in response to COVID-19 offers guidance on keeping Americans connected.
  • Federal Deposit Insurance Corporation (FDIC): The FDIC regulates most banks and has recommended that lenders work with consumers that may be financially impacted due to COVID-19.
  • Federal Housing Finance Agency (FHFA): To help consumers who may be struggling to pay for their housing, the FHFA has published education to advise consumers on resources they may have during this time.
  • Internal Revenue Service (IRS): The IRS is the main revenue service for the U.S. and in response to COVID-19 has extended tax due dates and is helping to process stimulus payments.
  • U.S. Department of Labor: In response to the impact COVID-19 has had on the American workforce, the Department of Labor is working to help impacted consumers access unemployment benefits throughout the country.
  • U.S. Department of Education: As part of the CARES Act, repayment of student loans has changed for many Americans. The U.S. Department of Education is helping to facilitate many of these changes to student loans.
  • U.S. Department of Housing and Urban Development (HUD): As many Americans are struggling to pay for their housing, HUD has outlined guidance for foreclosures and evictions that are meant to help protect Americans' homes during the pandemic.
  • U.S. Small Business Administration (SBA): As part of the CARES Act, the SBA is working to distribute funding to certain small businesses.

Auto Lenders

As consumers struggle with unemployment and lost income, auto lenders have announced relief options for those impacted by COVID-19. Some lenders are offering deferment options and lease extensions, and a number have created designated COVID-19 resource centers to support customers that need assistance.

BMW of North America
Chrysler Capital
Ford Credit
GM Financial
Honda Financial
Hyundai
Kia Motors America
Lexus Financial
Mercedes-Benz Financial Services
Nissan
Toyota Financial

Auto Insurance

As many Americans are under stay-at-home orders and are driving less, auto insurers have announced relief options that partially refund premiums and offer other assistance for customers facing hardship.

Allstate
American Family Insurance
Amica
Esurance
Farmers
Geico
Liberty Mutual
Mercury Insurance
Progressive
State Farm
Travelers
USAA

Additional Financial Assistance

As Americans continue to manage the impacts of COVID-19, consumers facing financial hardship may be looking for extra assistance managing things like budgeting, repayment and bill pay. Having the proper resources in place for managing your finances can sometimes make the difference between falling behind and getting ahead.

Here are some additional resources you might consider if you've found yourself struggling financially during this time.

Mint (budgeting app)
Truebill (spending and subscription management)
Wally (budgeting app)
Credit Counseling

For information focused on current health guidance, please visit the Centers for Disease Control and Prevention's COVID-19 resource page.

 

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