A default happens when you miss monthly payments on a debt account. When this happens, the credit provider reports the missed payments to the credit bureau. This means the account is in arrears.
How long a default stays on your credit report
A default stays on your credit report until the arrears have been paid.
Once your account is up to date again, and you keep up with your payments, the arrears are removed from your credit report.
If the default is not paid, the account goes further into arrears. The credit provider is then likely to start legal action to recover the money.
If this happens, the case could go to court and result in a judgment being added to your credit report.
What to do if you have a default
Try to catch up on the missed payments to clear the arrears and remove the default status. You’ll need to pay more than your usual monthly instalment to do this. You can ask your credit provider for a sta