Credit reference agencies collaborate to protect business credit scores

Industry News | 22/04/20

Experian, Creditsafe, Dun & Bradstreet and Equifax have today confirmed new guidance for lenders on reporting payment freezes, to protect business credit scores during the pandemic.

Where lenders offer payment freezes to businesses struggling financially due to coronavirus, the credit reference agencies (CRAs) have agreed there won’t be a build-up of arrears on those firms’ credit files and their credit scores won’t be adversely impacted.

It will still be down to lenders to notify the CRAs of a temporary payment freeze agreed with a particular business on a case-by-case basis and if they do, the CRAs will not factor that data into credit scores.

Source: Credit Strategy