Submitted on Wednesday 18th March 2020
Rejected on Wednesday 8th April 2020
Current status: Rejected
Rejection code: irrelevant (see below for details)
forbearance due to coronavirus should not impact credit ratings.
Forbearance arrangements due to the impact of coronavirus are so far being treated as defaults. Legislation is needed to prevent finance providers marking missed payments as defaults.
The effect of coronavirus on the economy is already going to be severe. Once the crisis is over, the economy will rely on lending to repair and grow. As banks and other financial institutions mark missed payments as defaults, thousands will be unable to borrow. Legislation is needed to prevent credit scores being affected when forbearance arrangements are a direct result of this pandemic.
You can't sign this petition because it was rejected. But you can still comment on it here at Repetition.me!
The Government e-Petitions Team gave the following reason:
The scoring of credit reports is a matter for individual credit reference agencies in cooperation with lenders, not the Government or Parliament. The UK's three credit reference agencies have all issued statements and advice about what people should do if they are facing financial difficulties as a result of the outbreak. You can find these here:
TransUnion: www.transunion.com/covid-19
Equifax: www.equifax.com/about-equifax/covid-19-and-your-credit-score/
Experian: www.experian.co.uk/consumer/help-discover/discover/guides/supporting-you.html
You could start a new petition calling on the Government to encourage credit reference agencies to show consideration to any negative transactions that have occurred during the coronavirus outbreak.
You can find out more about coronavirus and how you can protect yourself and others here:
NHS website: www.nhs.uk/conditions/coronavirus-covid-19/
UK Government website: www.gov.uk/coronavirus
You can read NHS tips to help if you are worried about coronavirus here: www.nhs.uk/oneyou/every-mind-matters/coronavirus-covid-19-anxiety-tips
18.224.43.114 Sun, 06 Oct 2024 07:23:07 +0100
