CRISIS CREDIT SCORING
Summary
There is good news for those taking a payment holiday on their mortgages – yesterday (31 March 2020) the three main credit scoring companies (Experian, Equifax and TransUnion) have agreed to effectively freeze your credit score. This is good news for those that have decided to help personal cashflow by suspending payments to lenders and anticipating refinancing in the not too distant future. That said you do need to make sure that whatever your situation now, that when “normality returns” that you have not bitten off rather more than you can manage normally. Most of us, perhaps all of us are likely to be required to adjust our lifestyle demands. We all know that at some point the Government (which really means the UK) needs repaying at some point, which really means higher or more (or both) taxes.
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