Equifax working with regulators and govt to reduce effects of COVID-19

Equifax UK, the business and consumer insights expert, is working actively with regulators, government and credit providers to minimise the effects of COVID-19 on UK consumers’ credit files.

In addition, the company is looking to support lenders as they navigate the various financial support measures recently put in place, it said.

The firm has agreed new guidance for creditors with a cross-industry working group, which will minimise the change to consumer credit files when lenders agree to a payment holiday or emergency payment freeze.

Furthermore, Equifax is working with CreditLadder to ensure anyone who shares their payment data with Equifax via CreditLadder sees the minimum possible impact on their credit file if they miss a rental payment due to COVID-19.

Patricio Remon, president of Europe at Equifax, said: “Alongside the government and our clients, we want to help households feeling financial strain as a result of coronavirus.

“Equifax is offering guidance to lenders and credit providers so that they can respond to consumers’ requests for forbearance in a way that minimises the impact on credit files.

“We continue to monitor the rapidly evolving situation and the impact of COVID-19 on consumers and businesses across the UK.

"Close collaboration between companies and trade bodies across the sector is vital to provide the support consumers and businesses need in this unprecedented time of uncertainty.”