When GM Financial reports customer accounts to the credit bureaus, we are required to do so fairly and accurately. Because of COVID-19, we are taking special measures to minimize the impact on our customers’ credit histories. Here’s how reporting will work from March 1 through June 30:
- Credit bureau reporting remains on for an account as long as it is in current status. This ensures that positive payment histories continue to get reported.
- Because reporting is on, if an account becomes 30 days past due, it is reported to the credit bureaus as late and you will initially see a derogatory mark on your credit bureau for that month.
- As soon as an account reports greater than 30 days past due in the March through June timeframe, GM Financial assumes the customer is experiencing financial hardship as a result of COVID-19 and we turn off reporting for that account. You will initially see a derogatory mark on your report for that first 30-day late payment. We will, a short time after reporting, provide a special code to the credit bureaus noting that the account was affected by a declared disaster.
- Any subsequent 30-day late payments during this time through June 30 will not be reported delinquent because we have turned reporting off.
- If at any time during March through June, the account is paid and brought current, credit reporting is turned back on so that the account will show that it is in current/paid status. However, any delinquent payments during that March through June timeframe will show a “D” in the payment history that indicates “no information available” for that reporting month.
GM Financial will resume all normal credit bureau reporting on July 1, 2020. If you have past due payments, you are encouraged to bring your account current by that time. Missed payments from March through June will still show a “D” in the payment history, however, if the account is past due and not brought current by July 1, our report will indicate the appropriate delinquent status as of July 1. We understand some customers may still be experiencing financial hardships and we would like to discuss personalized payment options with you. Please contact us to speak with a Customer Advocate.