Credit Defaults

We can remove a default from your credit file. We Fix credit has trained and experienced professionals that take away the stress and emotional drain that it can take dealing with the credit providers and get results fast.

A default is also referred to as an overdue debt. A consumer payment default is debt equal to or more than $150 and is more than 60 days overdue. … There are two types of defaults, consumer default and commercial defaults. Both consumer and commercial payment defaults stay on your credit report for five years, even when you have paid the overdue amount.

Who can list a default on my credit report?

Creditors include banks and finance companies or other businesses which provide credit or goods and services at least 7 days before you have to pay for them. Electricity and phone companies can all list information on your credit report.

When a default is recorded on your credit report, it remains there for five years. During those five years, potential lenders may look unfavourably on your credit application, as the default indicates you have failed to pay off a debt in the past. A missed payment on a bill or debt would lose you at least 80 points. A default is much worse, costing your score about 350 points. A bad repayment history will lose you about 250 points. For most Bad repayment history indicators there will already be a debt with a default on your record, so this hit is in addition to the harm caused by the default.

Credit reporting bodies create and hold credit reports. Credit reporting bodies include: Equifax (formerly Veda Advantage), Dun & Bradstreet and Experian Credit Services Australia.

There are a number of ways to find out what is in your credit report. You have the right:

To obtain a free copy of your credit report. A credit reporting body cannot charge for this, unless you obtained a copy of your credit report from them in the previous 12 months;

To obtain a free copy of your credit report within 90 days of having an application for credit rejected;

To be informed by a credit provider the reason for a loan refusal.

If you have paid a debt that has been listed on your report as a default (unpaid or paid overdue), the creditor must advise the credit reporting body to have the listing noted as “paid” or “settled”. However, default listings are not removed just because you pay the debt. Having “paid” noted on your credit report does not “fix” your report. A creditor might still refuse to lend to you because the default listing remains.

This is why the quickest way to remove a credit default is to use We Fix Credit who have the experience and expertise to get fast results with no fuss.

Credit Reporting Bureaus

We repair credit reports and credit scores with the following credit reporting bureaus.

The benefits of protecting your Credit File for your future include:

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