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Credit scores should not be downgraded due to COVID19 - Hazzard

1 April, 2020 - by Chris Hazzard

Sinn Féin MP Chris Hazzard has called for Credit Scores to be unaffected for those availing of payment holidays during the COVID19 pandemic.

The South Down MP said:

“COVID19 is having a devastating impact on the livelihoods of workers, families and businesses with many now living on much reduced income.

"Banks and other financial institutions are putting in place measures including payment holidays to support those facing financial difficulty.

"Those availing of payment holidays must not face penalties in terms of their credit rating during this period.

“Some of the Credit Reference Agencies are implementing a special measure called an ‘emergency payment freeze’, which would ensure an individual’s current credit score is maintained or frozen for the duration of an agreed payment holiday.

"Sinn Féin have written to the British Chancellor and also to the Economy Minister Diane Dodds asking they take steps to engage with all financial institutions to ensure these measures are put in place.

“Those experiencing financial difficulties as a result of COVID19 should not have their credit scores downgraded during this pandemic for availing of support measures." 

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