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Tips and tricks

CreditSmart has a financial hardship hub 

The resources on this hub are extensive and include information about:

  • What is a financial hardship arrangement, and the types of financial hardship arrangement
  • Financial hardship and how it appears on a credit report
  • Late payments and how they appear on a credit report
  • Q&As about financial hardship

Tips and tricks for navigating a consumer through hardship and credit reporting:

The law requires credit providers to explain to consumers the effect a late payment arrangement (whether a promise to pay/ collections-type arrangement or financial hardship arrangement) may have on their credit report.
  1. Check with the consumer if they understand the basics of credit reporting first before you talk to them about the effect hardship will then have on their credit report. (And to explain the basics of credit reporting, use your CreditSmart resources!)
  2. Consumers may be concerned that having hardship recorded on their credit report may be treated as a black mark, and that they are better off not seeking hardship assistance.

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