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COVID-19 Related Arrears will not Affect Member’s Credit History

Posted on: 09 Apr 2020

Credit union members will not see any negative impact on their credit record if they agree a temporary holiday or reduction on their loan repayments with their credit union.
 
The Central Credit Register, a credit referencing database updated by lenders with financial information on any loan worth more than €500, usually reports arrears and overdue payments on loans.
 
But according to measures recently announced by the Central Bank, any Covid-related payment break on a loan or mortgage will not be marked as having missed repayments on the Central Credit Register.
 
This is a welcome development for borrowers who have agreed to freeze or reduce their loan repayments with their credit union for reasons related to the COVID-19 crisis.