Richard Moxley (“the Credit Guy”) on Deferring Mortgage Payments

Got questions about deferring payments during COVID-19? Check out this March 2020 interview with Richard Moxley (aka “The Credit Guy”), author of best-selling book “The Nine Rules of Credit” and more recently “The Credit Game”.

Richard’s comments are more general to encompass a variety of credit forms including credit cards, lines of credit, and instalment loans, not just mortgages, so understand that details may vary by your specific credit type and lender, but Richard shares some great tips on precautions you can take to protect yourself and to monitor your credit status in the coming months.

While Equifax (credit bureau) has indicated their expectation that deferred payment programs related to COVID-19 should not be reported as “lates”, it remains to be seen exactly how each lender and lender type will manage the situation. Even in an ideal situation, given the sheer volume of borrowers applying for these programs, there are bound to be errors that slip through the cracks.

Key takeaways if you will take advantage of any deferred payment program:

  • Document everything!
    • Get something in writing from your lender confirming it will not reflect negatively on your credit
    • Ask for the employee number or name the customer service rep you spoke to
    • Record the time and date of the communications
    • Keep this and all supporting documents on hand for a long time
  • Track both your Equifax and TransUnion credit reports for at least the next few months.
  • If you do see an error, reach out to your lender and the credit reporting agencies to open up a dispute

Richard is a credit guru and has helped many Canadians recover from very complicated credit situations. You’ll find more great credit content on his YouTube channel, CreditTV, and on his website,