Default

You can only have a default removed if it was listed in error. A default will remain on a credit report for five years.

 If a default is paid, the status will be updated to ‘paid’ however it cannot be removed.

Commercial credit defaults stay on your credit report for five years even when you have paid the overdue amount.

The status of the default is updated to paid which can be looked upon more favourably by lenders but it will remain as part of your credit history.

A commercial credit default is an overdue debt of $100 or more that has exceeded the agreed payment date.

Before listing commercial defaults or overdue debts, commercial credit providers or their agents must send a notice to your last known address stating their intention to list the default amount with a credit reporting body such as Equifax.