Business
Credit rating amnesty for loan deferrals extended – Sydney Morning Herald
People who have deferred loans will not suffer a credit rating penalty for a further six months under new guidelines from the Australian Banking Association.
Under the new guidelines, the amnesty is extended and customers who have fallen into arrears with repayments can escape a credit rating penalty if they restructure their loan or apply for another hardship program. Customers who have made partial payments during the loan deferral period will also exit with an improved repayment history.
The ABA has encouraged all customers to contact their banks if they are unable to start full repayments when their loan deferral periods end.
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