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Defaults

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  • Defaults

    Hello all,

    Can someone explain to me how defaults work.

    How long do they stay on your credit file
    Can a creditor renew the default if it time lapses off your file

    Regards

    Golfillini
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  • #2
    Re: Defaults

    Originally posted by golfillini View Post
    Hello all,

    Can someone explain to me how defaults work.

    How long do they stay on your credit file
    Can a creditor renew the default if it time lapses off your file

    Regards

    Golfillini
    Defaults are a record of when your relationship with the creditor, "breaks down".
    As a rule of thumb they are usually put on the file after 6 missed payments( this depends opon the creditor and type of agreement).

    The creditor / provider has to give you 28 days notice before entering the file with the CRA, once it is registered it cannot be re-registerd for the same account, it stays there for six years

    Bernie

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    • #3
      Re: Defaults

      Thanks for the info Bernie

      Comment

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