The Process of Removing a Default

The Process of Removing a Default

Credit File Repair, Finance
What Is A Default? A default statement is an amount owed to a creditor that an individual has failed to pay overtime. This statement is recorded in your credit file and can affect your credit score. What Is the Default Listing Process? The process of getting a default is outlined in the Privacy Act 1988. This legislation specifies all the requirements and procedures towards credit such as how the listing is placed. For a default to be listed, the individual must have an overdue payment towards a credit lender.  The lender is then under legal obligation to notify the individual that there is an amount that is owed and unpaid in their agreement. A creditor would then send out Section 6Q and a Section 21D notices of the Privacy Act…
Read More