Hundreds of thousands of Canadians negotiated with lenders during the Covid-19 pandemic to defer mortgage payments. Some did it out of necessity, others did it “just in case”. No matter your reasoning, you should check your credit score.
Although deferring your mortgage payment shouldn’t necessarily impact your credit score, it will show up on the credit report system. According to Equifax, deferred payments don’t harm borrowers’ credit scores. But the payments must be reported in a certain way. Checking your credit score is important as it only takes one false late payment to drop a credit score by as much as 150 points. It is necessary to fix the error as son as possible because it can be a timely matter to correct these mistakes.
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