The Impact of COVID-19 on Credit Reporting and Credit Scores

Without a doubt, 2020 and 2021 have been the most unusual years since the Great Recession with COVID-19 affecting all aspects of life - the world of credit being no exception. Industry expert Mike Olden offers an in-depth look at the reality of what credit unions and members are dealing with when it comes to credit ratings and loan originations. And most importantly, he offers tips and best practices on what credit unions can do to avoid delays and remain successful as the pandemic continues.

During this 60-minute session, Mike will discuss:

• How the CARES Act impacts credit reporting
• The responsibilities of credit unions, including best practices for preparing members, addressing errors, and opting out
• Key points on reporting forbearance and declared disasters
• The impact on credit scoring and the effects of forbearance and special comment codes
• Preparing for credit freeze and credit locks
• Member resources for protecting credit files, answering fraud, obtaining free credit reports and addressing reporting errors

ABOUT THE PRESENTER

Mike Olden
Vice President, Sales and Education
American Reporting Company, LLC 

At American Reporting Company (ARC), Mike’s primary responsibility is managing and developing new business with mortgage lenders. Mike has worked in the mortgage banking industry since 1984 and at American Reporting Company since 1997.

Mike also helps develop and deliver educational programs related to credit reporting and credit scoring for lenders and consumers; and is certified to teach continuing education to real estate agents in Washington and Oregon. He has been a featured presenter to national audiences.

Mike previously served on the Mortgage Bankers Association State & Local Advisory Council and as President of the Washington Mortgage Bankers Association.  

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