Defaults

[golfillini]

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

[berniel]

Re: 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

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

[golfillini]

Re: Defaults

Thanks for the info Bernie