A default relates to a late payment or non-payment of an account, where a credit provider enforces their rights, by taking action against you because you missed payments over an average period of three to six months. The specific duration of missed payments may vary, depending on the creditor’s terms of agreement.

A default will remain on your credit report for a maximum of 1 year or until you bring the account up to date. Paid up defaults are removed once confirmation of paid up status is received from the credit provider. If you settle the total outstanding amount to a creditor you should see “fully paid consequent to listing” on your credit report and after two years, it will no longer be reflected in your report.

In terms of the National Credit Act, a credit provider must give you 20 days’ written notice warning you that your default will be reported to the credit bureau. If you have not received notification, you can lodge a dispute with the credit bureau who is obliged to investigate this and remove the listing if it was incorrectly submitted.

We can also act on your behalf and streamline the process for you.