The federal government is encouraging Canadas banks to do more to help struggling Canadians during COVID-19: We continue to have discussions with them that are really focused on the need for banks to do more, Prime Minister Justin Trudeau said in a press conference Tuesday. We acknowledged that they did go in the right direction. But we see every day that this crisis is more and more of a challenge for everyone. Trudeau added that the government is working on other credit solutions for Canadians that will be announced in the next few days.

Last week, Canadas five largest banks announced they would cut interest rates for some customers in response to COVID-19s impacts on consumer finances. The move came soon after the banks announced minimum payment deferrals for two to six months, depending on the institution. But the deferral is not payment forgiveness. All banks, except for National Bank , will charge accrual interest.

These measures are aimed at helping Canadians navigate tough financial circumstances, but they also have applicants asking: Will this hurt my credit score?

The Paper Trail

The short answer is no, it should not, said Kelley Keehn, a consumer advocate for FP Canada and personal financial educator. But Keehn added that you must be clearly in agreement with your lender that these arrangements are deferrals not defaults. A record of this arrangement is important to have on hand as proof of the agreement and deferred payments.

Credit unions like Equifax and TransUnion cannot keep track of all of these transactions, according to Keehn: You want to make sure you get it in writing if you can. If you cant get it in writing, you need to make sure youre taking really good notes. This includes e-mailing yourself details to keep track of timestamps and payment dates on your calendar. A deferred payment wont hurt your credit score at this time, but a missed payment will.

Licensed insolvency trustee Scott Terrio said that having a paper trail is not only a good way to prove the agreement, it can also safeguard against errors in the banks credit reporting system: We see mistakes happen all the time, he explained, referring to the paperwork mishaps he and his clients come across at the Ontario-based debt relief firm Hoyes, Michalos & Associates.

These are mistakes made under normal circumstances. Now with a system weighed under the pressure of COVID-19, lenders staff are stretched thin. If you have the paperwork, youre good. If you dont, theyre not going to help you.

Equifax and TransUnion offer Canadians free access to their credit reports and encourage frequent credit checks after you apply for a deferral, though it will take 30 days to show whether the report had any impact.