With Congress poised to extend unemployment benefits, a local consumer credit counselor says the benefits will not hurt recipients’ credit ratings.
Mary Jackey works for the Consumer Credit Counseling Service. She says signing up for the government benefits will not have a direct effect on credit, though other circumstances associated with unemployment may.
“Solely being on unemployment does not impact your score in any way, shape or form,” she says. “It’s just if you are unable at that point with your reduced income, or lack thereof, to be able to meet your financial obligations and your payments to your creditors, your mortgage, if you have a car loan.”
Jackey says credit can be rebuilt over several years if it’s harmed during unemployment. She made her comments on WFPL’s State of Affairs Tuesday.