Director Andrew Milne has over 12 year experience in the finance and credit industry of Australia.
As a small team you won't need to go through a call centre when contacting us. Generally the first person you speak to will be your case manager, who will be your main contact until your case is resolved to your satisfaction.
What is a default notice, how do you fix the default and how long will the default last?
A credit default or a bad credit mark is generally listed when a bill has not been paid, you may not even be aware that the credit default has been listed on your file as some credit providers will not tell you that they are going to list the default.
The credit provider has an obligation under the NCCP to issue you with a default notice or an overdue notice prior to the credit default being listed on your credit file.
If you have not received a default notice from the credit provider then the default has generally not been listed correctly. If the default has been listed incorrectly then we will have it removed from your credit file.
There are two different types of defaults that a credit provider may list.
- The first one is a payment default and these remain on your credit file for 5 years from the date that they are listed.
- The second payment default is a serious credit infringement and these remain on your credit file for 7 years from the listing date.
For a serious credit infringement to be listed the credit provider needs to list a payment default and then after 6 months they need to attempt to contact you again before they can change the payment default to a serious credit infringement.
It is becomingly increasingly hard to obtain credit if you have a black mark on your credit file as many lenders will not approve any application that has a default even if the credit default has been paid.
Once your credit file has been cleaned up and an application resubmitted then the chances of obtaining the loan that you require will be considerably higher.
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