Mortgage Deferrals Now Recorded on Credit Reports

Diane Buchanan • July 29, 2020
If COVID-19 has negatively impacted your finances and you're currently deferring your mortgage payments, you should know that this will be visible on your credit report. Here is an image from a recent credit report.

In this scenario, it shows that the mortgage was paid as agreed monthly for 33 months before being deferred for the last two months. It also shows that mortgage payments are currently in deferral.


Some may consider the credit bureau reporting a deferred status as good news. As COVID-19 hit like a freight train, many financial experts wondered about reporting errors on credit bureaus as a result of deferred payments. The fact that there is a system in place to report deferrals is a good sign.


Deferring your mortgage payment won't lower your credit score, but reporting errors from deferrals might. Once you've resumed your payments, it's a good idea to get a copy of your credit report to check for errors.


So, why does this matter to me now?


If you're considering a change to your mortgage, most lenders will be very hesitant to consider lending you new money when you aren't able to make your existing mortgage payments. This will be the case if you are looking to purchase a new property, renew, or refinance your current mortgage.


In fact, some lenders expect to see a history of regular repayment on any previously deferred loans before proceeding with any new application. Length of time after deferral varies by lender. This would include any debt payments (loan, line of credit, credit card) that have been deferred as well.


If changes to your mortgage are on the horizon, you need to have resumed all your regular debt payments before it will be possible to secure new mortgage financing.


If you'd like to discuss your personal financial situation with me, please contact me anytime!

DIANE BUCHANAN
 Mortgage Broker

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Bank of Canada Holds Rate at 2.25% — September 2, 2026

By Diane Buchanan • September 2, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. While Canada's economic recovery is broadening, a new layer of uncertainty has entered the picture. Here is what happened and what it means for your mortgage.

Going Through a Divorce? Don’t Let Your Credit Take the Hit

By Diane Buchanan • August 26, 2026
Going Through a Divorce? Don’t Let Your Credit Take the Hit Divorce is stressful enough without adding financial fallout to the mix. Between lawyers, paperwork, and emotional strain, it’s easy to overlook how a separation can impact your credit. But your financial future depends on protecting it now—because long after the dust settles, a damaged credit score can linger. Here are a few smart steps to help keep your credit strong and your finances steady as you move forward. 1. Take Control of Joint Debts When it comes to joint debt, both parties are equally responsible—no matter what your divorce agreement says. If your ex misses a payment on an account with your name attached, your credit takes the hit too. Go through all joint credit cards, loans, and lines of credit. Wherever possible: Close joint accounts to stop future shared use. Transfer balances to the person responsible for repayment. Notify lenders in writing of any changes to account ownership. Once everything is updated, pull your credit report after three to six months to confirm all joint accounts have been closed and reporting correctly. Mistakes happen—stay proactive to prevent surprises later. 2. Open Your Own Bank Accounts Separation means financial independence, and that starts with your own banking. Open a new chequing account in your name only and redirect your pay deposits and bill payments there. At the same time, close any joint bank accounts and change passwords on existing online banking and credit profiles. Even in peaceful separations, shared access can cause confusion—or conflict. Protect yourself by ensuring your money and information are secure. 3. Start Building Credit in Your Name If most of your past credit was tied to your spouse’s name, now’s the time to establish your own. Apply for a small personal credit card or secured credit product . Use it sparingly and pay it off in full each month. This helps you build a solid individual credit history, setting the stage for future goals like buying a home, refinancing, or starting fresh financially. 4. Keep an Eye on Your Credit Monitor your credit report regularly for errors or unexpected changes. You can request free reports from both major credit bureaus in Canada— Equifax and TransUnion —once a year. Tracking your credit isn’t just about catching mistakes; it helps you see your progress as you rebuild your financial independence. Final Thoughts Divorce can be emotionally draining, but protecting your credit doesn’t have to be complicated. By taking a few careful steps now—closing joint accounts, building credit in your name, and monitoring your reports—you’ll safeguard your financial health and gain peace of mind as you start your next chapter. If you’d like personalized guidance on managing credit during or after a divorce, reach out anytime. I’d be happy to walk you through your options.