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Les conséquences des reports de paiements sur votre cote de crédit 3

How Payment Deferrals Impact Your Credit Score

Article updated on 08/06/2020
Some 650,000 Quebeckers took advantage of payment deferral opportunities offered in the past months due to COVID-19 pandemic. Will that impact their credit score? What options do they have?

Normally, when you fall behind in your payments, your credit score suffers. If you have a bad credit history, this will be a problem when you want to borrow again, the interest will be higher or you may be refused a loan.

But these are not normal times. We are in an exceptional situation because of the pandemic. Financial institutions and credit card issuers have agreed to payment deferrals for several months to accommodate people during this crisis.

Equifax does not record a massive change in its data due to COVID-19. This is something that must be agreed upon with creditors so that your credit score is not affected.

1. Contact your creditors

Equifax and TransUnion are the two credit rating agencies in Quebec. They use your financial history, debt repayment, credit card use and other factors to calculate your score. Every loan is included, as well as your repayment habits, whether good or bad.

If you have an agreement with your bank, then this will not be indicated as a delay and your credit score will not be affected. On the other hand, with the end of government assistance, including the Canada Emergency Response Benefit (CERB) in the coming weeks, if you feel that you cannot pay your bills or loans, it would be best to negotiate an arrangement with your creditors as soon as possible.

You should be aware that any agreements with your creditors will not be included in your credit file immediately. Data is forward Equifax and TransUnion once a month. It can take more than 30 days for the arrangements to be entered in your file.

2. Check your credit report

You can get a copy of your credit file at no charge. Simply fill in the form on or You’ll receive your file in the mail.

Some banks also offer this service free of charge on their website. Contact your financial institution.

Click here to find out more about how to improve your credit score.


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