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Our mission is to protect the public interest, advocate for Minnesota consumers, ensure a strong, competitive and fair marketplace, strengthen the state’s economic future; and serve as a trusted public resource for consumers and businesses.

Minnesota Department of Commerce Recommends Checking Your Credit to Protect Your Financial Health

5/27/2020 4:41:45 PM

For Immediate Release, May 27, 2020

SAINT PAUL, MN – Minnesota Department of Commerce Commissioner Steve Kelley is recommending that consumers take advantage of the opportunity to check their credit rating during these trying financial times. The three major credit reporting agencies, Equifax, Experian and Transunion, are offering free weekly credit checks for the next year.

“Regularly checking your credit is just one tool that helps you manage your financial data and financial health,” said Commissioner Kelley.

For those who have lost employment due to COVID-19 and are struggling to pay bills, Commissioner Kelley notes that there are steps that Minnesotans can take to protect their credit rating. According to the Federal Trade Commission, individuals should consider the following:

  • Contact the companies you owe money to. Ask if they can postpone payments, start a payment plan or offer temporary forbearance.
  • Check your credit report regularly to make sure it’s correct — especially any new payment arrangements or temporary forbearance. The recently passed CARES Act generally requires your creditors to report these accounts as current.
  • Fix any errors or mistakes that you spot on your credit report. Notify the credit reporting agencies directly. You can find out more information from the FTC by reading Disputing Errors on Credit Reports.

Additionally, scammers are taking advantage of the fear, uncertainty and isolation that many Americans are facing to target people in multiple ways. Monitoring your credit rating will help alert you if you fear you have been targeted by a scammer. More information on recent scam alerts can be found on the Federal Trade Commissioner website.

With You Every Day

Wherever you are in Minnesota, the Department of Commerce is with you every day. Whether you’re filling up on gas, purchasing a home, working to reduce energy consumption or rebuilding after a disaster—we are with you, no matter what.

The Minnesota Department of Commerce oversees more than 20 regulated industries, ensuring that Minnesota businesses are strong and Minnesota consumers are protected. Our mission is to protect the public interest, advocate for Minnesota consumers, ensure a strong, competitive and fair marketplace, strengthen the state’s economic future and serve as a trusted public resource for consumers and businesses.

Media Contact:
Minnesota Department of Commerce
Brian Strub, Assistant Director of Communications
brian.strub@state.mn.us
651-539-1464.

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