Will your credit survive a disaster?


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Reality: The mail doesn’t always get through . . . either way!

Do you have a record of when your various bills come due and where the payments go?

Let’s say you pay your bills by check on a monthly schedule. What happens when a disaster strikes and you don’t receive your bills on time . . . if ever?

(If a mail truck gets caught in a tornado, your bills may have gone to Guam!)

Even if you’re used to paying bills online, and using ATM machines for convenient transctions, there are three things you should do starting now to protect your credit BEFORE an emergency strikes.

Step One:  Pay your bills immediately.

Pay your bills as soon after you receive them as possible. If you wait until the last minute, you may end up weeks behind because of the emergency and you run the risk of late charges and damage to your credit rating if your payments didn’t get there on time.

Step Two: Have payment slips prepared.

Make two hard copies each of the payment slips that have the account numbers, barcodes and amount/s due imprinted on them. You can use these to make minimum payments by hand following a major event until things get back to normal.

Step Three: Pay by computer or phone.

If you don’t already, think about paying your bills by computer. It’s faster, less expensive (no stamps) and the chances are good that you will be able to get back to operating on line more quickly than by mail following a major disaster event.

How creditors will react. 

Won’t the creditors give you leeway in a major emergency?  Yes . . .

but, you may have to go through all sorts of correspondence to correct their previous records. Once you get put sideways into their (and the credit reporting agencies’) computers, you go through hell trying to straighten them out. Multiply this times the number of creditors and you have a monster of a problem to look forward to at a time when you will have plenty of problems to be solving!

Joe Krueger
Your Emergency Plan Guide Team

 

 

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