Finance Analytics

Equifax’s default load service enables you to report the default of any payments owing, from both consumers and businesses.

Default information is loaded into our credit bureau, ensuring all other enquirers are aware that an individual has an outstanding debt. This information can assist you and other credit providers to better assess risk throughout the credit lifecycle as it illustrates that a financial commitment was not previously met (non-payment). 

Information you can rely on.

Consumer default reporting is regulated by the Privacy Act 2020 (the Act) and the Credit Reporting Privacy Code 2020 (the Code). If you already use, or are planning to use our default loading service, you have an obligation to ensure the default information you provide is accurate, up-to-date, complete, relevant and not misleading. This ensures our subscribers have access to information that is current and reliable.

How does it work?

Reporting defaults is quick and easy. Simply log into our online portal, select the type of default that you wish to load (consumer or commercial), key-in the relevant information and submit.

Before you report a default you need to make sure that the debt in question meets the following criteria:

  • A minimum of 30 days must have elapsed since the payment was due.
  • You must have notified the debtor of the overdue payment and requested payment.
  • You must have taken steps additional to a request to pay, to recover the overdue amount.
  • You must not be prevented by or under any law from recovering the overdue payment (e.g. a debtor under 18, a default not loaded prior to, but covered by a bankruptcy).
  • The overdue payment must be over $125.00.
  • The debt must not be in dispute.
  • The default must not be over five years old (this is the maximum reporting period).

Equifax also allows for the loading and maintaining of defaults where there is more than one party responsible for the payment default and this can include guarantors to a debt.

Benefits to your business

There are two ways credit providers can benefit from default loading:

As the party reporting payment defaults:

  • There is a much greater likelihood that your customers pay their outstanding debt
  • You minimise the overhead associated with managing and collecting debt
  • You reduce the risk of customers defaulting to you again in the future

As a party considering doing business with customers in default to others:

  • Identify individuals with past payment defaults.
  • Reduce the risk of bad debt and non payment.