Will my credit score be negatively impacted by my payment holiday?

If you have a chosen ‘Pay in 30 days’ or ‘Pay in 3’, taking a payment holiday won’t have a negative impact on your credit score.

If placed on a COVID payment holiday for one of our Financing payment options, this will not be reported to the credit bureaus and not impact your credit score. This will be made clear to you when agreeing to the payment holiday.

If placed on a standard payment holiday for one of our Financing payment options, we are obliged to report the status of your account to the credit bureaus on a monthly basis. This will be reported as an arrangement and may have an impact on your credit score. Once your payment holiday has finished this status will automatically be updated with the credit bureaus the following month.

Good to know: If you take out a COVID-19 payment holiday, these are excluded from reporting to the bureaus as stipulated by the FCA and do not impact your credit file. If you’re on a payment holiday and don’t restart payments when they’re due after it ends, this could affect your credit score.

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