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<p>The Government recognises the important role payment holidays play in providing
temporary support to consumers through this period and continues to work closely with
the Financial Conduct Authority (FCA) to support consumers facing financial difficulty
as a result of the COVID-19 outbreak.</p><p> </p><p>Lenders must act responsibly when
deciding whether and how much credit to issue. This includes assessing consumers’
ability to repay. The information on a consumer’s credit file is an important part
of this assessment. FCA guidance makes clear that, during a payment holiday, accounts
should be recorded to ensure the consumers’ current credit data position is maintained
or frozen for the duration of the payment holiday period. The Government expects that
this should not impact on a consumer’s credit file.</p><p> </p><p>Consumers should
speak to their lender about their options when coming to the end of their payment
holiday.</p>
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