Your credit score may be adversely affected by accepting this Trial Period Plan. During the trial period, we’ll report your loan payment status to the credit reporting agencies. If your loan wasn’t up to date when you entered the trial period plan, we’ll continue to report your loan as past due, even if you’re making your trial payments on time. If your loan was up to date when you entered the trial period, and you make each trial period payment on time, we will report your loan as current, paying under a partial payment agreement.
Once the modification is complete, we’ll report the modification to the credit reporting agencies based on the modification type and will report your loan as current if payments are received within 0 to 29 days of the due date. Completing a modification will not change previous negative reporting. The impact of a permanent modification on a credit score depends on the homeowner’s entire credit profile. For more information about your credit score, go to consumer.ftc.gov and click the “Money & Credit” tab, then “Credit and Loans,” and then “How Credit Scores Affect the Price of Credit and Insurance.”