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Updated: 8/05/2020 4:00 pm


Weekly Credit Reports

Due to the COVID-19 pandemic, the three national credit reporting companies are offering free weekly online credit reports through April 2021. It is important to ensure your credit information is correct because your credit can impact your ability to get a loan and how much you will be charged. It can also affect your ability to get a job or to find housing. Errors on your credit report can appear due to a mistake in the information provided about you or as a result of fraud or identity theft. The CFPB offers a reviewing your credit reports tool to help you review your credit report to make sure your credit information is correct. If you see incorrect information in your credit report, the CFPB has a disputing errors tool to guide you through the process of disputing errors you find on your credit report.
 

Economic Impact Payments

The Treasury Department and the IRS launched a new web tool to allow quick registration for Economic Impact Payments (EIP) for those who do not normally file a tax return. The non-filer tool provides a free and easy option for people who do not have a return filing obligation including individuals with little to no income to file.

These payments have begun being distributed to most people the week of April 13. Eligible taxpayers who filed returns for 2019 or 2018 will receive the payments automatically. Automatic payments will also go to those receiving Social Security retirement or disability benefits and Railroad Retirement benefits in the near future.

Credit Human members can check to see if their payments have posted in their accounts by using online and mobile banking. If you haven’t received your payment yet, you can set up an Account Alert in online banking to notify you whenever you receive an electronic deposit into your account.

The IRS has also built a tool to help people check the status of their payments. Get My Payment will provide people with the status of their payment, including the date their payment is scheduled to be deposited into their bank account or mailed to their physical address. An additional feature on Get My Payment will allow eligible people a chance to provide their bank account information so they can receive their payment more quickly. This feature won’t be available if your payment has already been scheduled for delivery.

 
Who is eligible for the economic impact payment?

Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.

The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.  For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

Check for the latest updates at https://www.irs.gov/coronavirus
 

Tips for managing your finances during this difficult time

  • With the Federal Reserve reducing interest rates in an effort to boost the economy, it will be cheaper to borrow but your savings may earn less. Interest is important – and Credit Human has some of the most competitive rates anywhere – but growing your savings to build financial slack goes beyond the interest rate. Making saving a habit is the key. Pay yourself first by setting up a direct deposit that sends a portion of your paycheck into your savings account, or schedule recurring transfers from checking to savings using Credit Human online or mobile banking.
  • Knowing where your money is going is more important than ever.  eMoney Manager makes it easier to take control of your finances. Use it to tag and track spending, set budgets, create goals, manage cash flow and more. You can also use our spending plan worksheet to help you identify areas where you can build financial slack.
  • Protect your credit by prioritizing paying your bills, and if you’re having trouble paying them on time call your creditors. They may have special programs to help you.  To request a loan extension on a Credit Human loan please use our Loan Extension Request form.
  • Don’t borrow from your retirement savings if you can help it. It can take a long time to build those savings back up, and there may be better ways to get the money you need. For example, we have signature loans available at competitive rates.