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Credit reporting

Banks have agreed on a consistent and fair approach to credit reporting for customers who have been granted a home loan deferral as part of a COVID-19 assistance package.

ABA member banks have agreed that customers who deferred their home loan as part of a COVID-19 assistance offering will not have missed repayments reflected on their credit report. 

This continues a commitment made by the banks in April 2020, that, where possible, customers will not be adversely impacted because of the crisis.

New credit reporting laws a win for customers

Loan deferrals not reported to credit bureaus

Customers’ credit report will not include a note that they’ve had a loan deferral.

Missed payments not recorded

Banks have agreed not to record missed payments on a credit report during a home loan deferral.  Repayment history information will be reported as blank during the period of the deferral.   

Credit history unchanged

If a customer was up to date with repayments prior to application for a deferral, they will exit with up-to-date repayment history information. This applies where they recommence repayments and the loan is restructured or the arrears have been paid.

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Principles for consumer credit reporting during COVID-19

ABA member banks agreed to adhere to the following principles for customers granted a home loan deferral due to COVID-19.

Customers will have no repayment history information entered during the period of the deferral arrangement. They will exit the deferral with:

  • up-to-date repayment history information if they recommence repayments and:
    • their loan is restructured, or
    • they have caught up on their arrears prior to exiting the deferral; or
  • a credit report that continues to have no repayment information entered if they agree to another form of hardship arrangement or they are granted an extension to their deferral period.

Customers should contact their bank prior to the conclusion of the deferral period to discuss next steps if they believe they are unable to recommence full repayments.