A default is also referred to as an overdue debt.
A “debtor credit default”, as defined under the Credit Reporting Privacy Code, includes a credit account that has been overdue for more than 30 days and where steps have been taken to recover the amount owing. Examples of steps that may be taken to recover amounts owing include: referring the debt to a solicitor, collection agency or repossession agency for recovery, or reminding the debtor about the amount owing, including the consequences for non-payment.
All adverse information (i.e. collection data, default data, summary instalment orders and judgment records), remain on your credit file for five years.
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.
Once a Payment Default is loaded on the Bureau it will not be removed for 5 years from the date of Default. Even if the Default is paid during the display period the Default will not be removed. However there are some circumstances in which Defaults can be removed (i.e. default was listed in error).
Requests can be emailed to firstname.lastname@example.org.
If a default is paid, the status will be updated to ‘paid’ however it cannot be removed.