Equifax, the business and consumer insights expert, is working actively with regulators, government, credit providers and other credit reference agencies to minimise the effects of COVID-19 on UK consumers’ credit files and to support lenders as they navigate the various financial support measures recently put in place.
With the government calling on lenders to be flexible with consumers in financial difficulty, Equifax has agreed new guidance for creditors with a cross-industry working group which will minimise the change to consumer credit files when lenders agree to a payment holiday or emergency payment freeze.
Patricio Remon, President of Europe at Equifax, said: “Alongside the government and our clients, we want to help households feeling financial strain as a result of coronavirus. Equifax is offering guidance to lenders and credit providers so that they can respond to consumers’ requests for forbearance in a way that minimises the impact on credit files.
“We continue to monitor the rapidly evolving situation and the impact of COVID-19 on consumers and businesses across the UK. Close collaboration between companies and trade bodies across the sector is vital to provide the support consumers and businesses need in this unprecedented time of uncertainty.”
Equifax is also working with CreditLadder to ensure anyone who shares their payment data with Equifax via CreditLadder sees the minimum possible impact on their credit file if they miss a rental payment due to COVID-19.
Any consumer who is experiencing financial difficulties that will impact their ability to make a payment should contact their lender or credit provider to discuss the support available.