What is a credit default?

Late repayments of a loan or contract (generally 60 days late after the borrower has been notified by mail) are recorded by lenders through a Credit Reporting Agency. After the late repayment has been reported, it is recorded on your Credit Report as a 'credit default', and used for future reference by other lending facilities when considering loan applications.

The first step to a better understanding of your financial situation is to apply for a free credit analysis report , or please contact us for more information.