Skip to Main Content

COVID-19 Payment pause impact on credit reports

An illustration of two people putting on face masks

The COVID-19 pandemic triggered a major upheaval in Australia's credit landscape. Almost 1 in 8 people who have a loan have received some type of repayment assistance from their lender during COVID-19.

What does it mean for your credit report?

It is important to understand how the form of assistance received and consumer choices impact credit reports.   

Your credit report includes your repayment history information which is a 24-month view of whether you pay your loan and credit accounts on time.

If you have been granted COVID-19 assistance from your lender, a payment pause / deferral will usually not be reported as a late or missed payment in your credit report. Instead, repayment history during the pause period will usually be reported as “up to date” or will be blank, often depending on whether you were up to date with repayments at the start of the payment pause or were already in arrears. 

At the end of a payment pause, your repayment history might be reported differently depending on the how you and your lender intend to get you back on track with repayments. 

For information on how banks and other lenders are supporting their customers that are impacted by COVID-19, click here.

Digital Agency: SGY