ModeratorMay 19, 2020 at 8:21 am
Under regular circumstances, not paying your mortgage or rent, or paying it late, would lower your credit rating.
In Ontario, the main credit reporting agencies are TransUnion and Equifax. These agencies collect information about your debts and bill-paying history. Your landlord, financial institution or mortgage broker can report to TransUnion or Equifax any time you miss a mortgage or rent payment.
However, Transunion or Equifax must let you explain why didn’t make your mortgage or rent payment on time and they must include the explanation in your credit file. In this situation, you should file a statement explaining how COVID-19 affected your ability to pay.
To file a statement on your TransUnion report, call 1-800-663-9980. You can also do this by mail by following the directions and downloading the form on their website.
To file a statement on your Equifax report, complete their online form, then print and mail it to the Montreal address listed on the form.
Transunion or Equifax will add this explanation to your credit file only if you formally ask them to. It is your responsibility to file a statement so that you keep your credit rating safe during the COVID-19 crisis.
All the best.
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