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Hardship Is Now On Your Credit File…

Recent changes in the rules has led banks to start reporting hardship arrangements on customers credit files. They will remain on file for a year beyond the end of the arrangement. This may have implications for some borrowers as they seek to restructure their mortgages in the current rising rate environment.

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Written by Walk The World

Comments

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  1. The banks stole so much from people in late payments only causing more money to be repaid while already struggling to pay high rates on credit cards they easily once just increased with no proof. What a pack of dogs.

  2. I think itstime we published a govt, fed and state, and bank credit and competency scale where penalties are applied for exceeding govt debt ceilings, the original ones, and bank bail in and bail out threats.

  3. YEP … I can tell many of us are stressed by having a federal govt that is now in debt $1tn and you KNOW it's going to be passed on to your kids. Your stress is real and justified. What's the govt going to do?

  4. I disagree with you Martin as the Banks will be the key stakeholders who are going to be impacted.

    Why should it should be recorded if the banks have approved it at the first place.

    This is a tricky situation.

    Soon this will die out.

  5. The majority of people who been taking on loans they cannot afford already got financial advisors and brokers in their life…who think for them, with themselves (advisors and brokers) included ofncourse

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