What is a default ?

A default is a negative event on your credit report, and means that you haven’t met your obligation to pay. For example, it means you haven’t made a payment like you agreed to in your contract with your lender. An account can go ‘into default’ after one repayment has been missed, a credit provider or lender then reports this to a credit bureau. However, they may not submit default information on you, to a credit bureau, if you have been prescribed, not been paid for a minimum of three consecutive billing cycles, or if they haven’t given you notice.  A default stays on the system at the credit bureau for one year or until it is settled.

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